Electric vehicles supercharge EU car sales

PARIS: Sales of new cars jumped last month in the European Union as consumers turned to electric vehicles amid soaring petrol prices driven by the war in the Middle East, data showed Thursday.

Overall sales rose 12.5% in March from the same month last year to 1.16 million vehicles, according to registration data from the European Automobile Manufacturers' Association (ACEA).

That jump helped the market achieve a 4% rise in the first quarter, following declines in January and February.

Sales of fully electric vehicles soared by 49%, with plug-in hybrids also jumping 20%.

Over the first quarter, hybrids were the top choice of European consumers, accounting for 37% of overall sales.

Plug-in hybrids accounted for another 10% of market share.

The market share of simple petrol motor vehicles slumped to 23% in the quarter, down from 28% a year earlier.

Fully electric vehicles accounted for just over 19% of overall sales.

The ACEA noted that electric vehicle sales performance varied widely by country, with Italy, France and Germany posting strong gains.

Petrol prices spiked throughout Europe after the United States and Israel attacked Iran on Feb. 28, resulting in a near block on oil exports from the Gulf and leading Iran to retaliate by attacking energy facilities throughout the region.

Meanwhile, sales in Belgium and the Netherlands fell.

The Volkswagen Group maintained its top spot in the EU market in the first quarter, with its market share dipping to 26.4% despite sales edging higher.

That was primarily due to Stellantis, whose Fiat, Citroen and Opel brands saw sales surge, boosting the group's market share.

Another major European car manufacturer, Renault, saw sales slide in the first quarter due to transportation problems affecting its low-cost Dacia brand.

Sales of Teslas jumped nearly 60% from the first quarter of last year, when Elon Musk's involvement in the Trump administration turned off European consumers.