Global light vehicles production fell by 2% over 10 months to 2024
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Global light vehicles production fell by 2% over 10 months to 2024
- Global light vehicles production (passenger cars + light utility vehicles) fell by 2% over the first 10 months of 2024 (74.2 million units) compared to the first 10 months of 2023 (75.7 million units). China, the world's leading automobile producer with 24.4million units produced over the period, lead automobile production with an increase of 1.7%, but it was the United States, which continued its policy of relocating part of the production started under Donald Trump's first term (2016-2020) but continued under Joe Biden's term (2020-2024), which made the most progress among the major producing countries (+5.3% to 9.5 million units). Europe (30 countries) lagged behind with a 3% drop in its production over the period (12.2 million units). The other countries are generally down (28 million units produced compared to 30 million).
- By carmaker, the ranking of the top five groups worldwide does not change compared to 2023. Toyota remains largely the leader ahead of Volkswagen, Hyundai-Kia, Stellantis and GM, although all five have fallen, but by different amounts. Toyota and Stellantis are the two carmakers that have fallen the most (-8.7% and -8.1% respectively).
- Nissan and Ford are sixth and seventh, but the big change in this ranking is the arrival of BYD in eighth position, while the Chinese carmaker was ninth in the first half of 2024 and tenth in 2023. BYD sees its production volume increase by 36.5% compared to last year. Among the top 20 global carmakers, only Chery is doing better with a 43.1% increase in its production, going from 17th place in 2023 to 15th in the first half of 2024 and to 14th over 10 months of 2024. Behind BYD, we note the presence of Honda, Suzuki, Geely, BMW and Mercedes, which are ahead of Chery.
The most produced xEVs in Europe over 9 months 2024
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The most produced xEVs in Europe over 9 months 2024
- Out of a total of 2,212,902 xEVs produced in Europe (30 countries = EU + UK + Switzerland + Norway) in the first 9 months of 2024, there are 1,146,528 fully electric vehicles (BEVs), 531,444 plug-in hybrids (PHEVs) and 534,930 full-hybrids (HEVs).
- Among the 1,146,528 BEVs produced in Europe in the first 9 months of 2024, the Tesla Model Y remains the most produced, with 157,983 units manufactured over the period, compared to 149,411 over the corresponding 2023 period. This 6% increase does not reflect the 21.5% drop of Model Y sales in Europe over the first 9 months of 2024 compared to the first 9 months of 2023 (150,905 units compared to 192,392), due to the simple fact that all Model Ys sold in Europe today come mostly from the Grünheide plant in Germany and no longer partially from Germany and China. The Audi Q4, Skoda Enyaq and BMW i4 are ahead of the Volkswagen ID3 and ID4. The Fiat 500 e loses half of its production volume.
- Among the 531,444 PHEVs produced in Europe over the first 9 months of 2024, the Volvo XC60 takes first place with a 52% increase in its production. It should also be noted that around ten PHEV models in the Top 15 are seeing their production increase significantly (including the Mercedes GLC, CupraFormentor, BMW X1, Audi A3, Porsche Cayenne, Volvo XC90, Mercedes E-Class and Range Rover Sport).
- Among the 534,930 HEVs produced in Europe in the first 9 months of 2024, the Toyota Yaris Cross, Yaris and Corolla are in the top spots, but Renault and now Nissan are becoming Toyota's main competitors in this area.
BYD plant in Szeged (Hungary) to start operations at the end of 2025
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BYD plant in Szeged (Hungary) to start operations at the end of 2025
- The Chinese carmaker BYD has gradually become the largest Chinese carmaker and the leader of the Chinese market thanks to its range of plug-in hybrid vehicles (of which it has become the largest producer in the world) or battery electric vehicles (of which it has become one of the largest producers in the world). Thanks to the strong growth in its sales, BYD has become the eighth largest carmaker in the world in 2024, behind Nissan and Ford, but ahead of Honda and Suzuki.
- BYD was one of the first Chinese carmakers to want to establish itself on the European market. Last year, it announced that it would build an assembly plant in Hungary. BYD already has an electric bus assembly plant in Hungary, in Komárom, in the north of the country, which was inaugurated in 2017 and which has an annual production capacity of 400 battery electric buses exported throughout Europe.
- The new assembly plant under construction is located in Szeged, in the south of the country. It will start production of passenger cars at the end of 2025, according to the carmaker. The models produced in this factory will first be the Dolphin sedan (battery electric C-segment sedan) launched in China in 2021 and the Atto3 SUV (battery electric C-segment SUV) launched in China in 2022, but two other models (B-segment) will follow in 2026 and 2027 (Atto2 and Seagull) in order to saturate the capacities of the Szeged factory, set at 150,000 vehicles per year in 2025, which could be doubled to 300,000 per year in 2030. Thanks to this production carried out in Europe, BYD could escape the possible additional taxes decided by the European Commission on Chinese electric cars imported from China.
Germany remains the largest European producer of BEVs and PHEVs over 9 months 2024
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Germany remains the largest European producer of BEVs and PHEVs over 9 months 2024
- Production of xEVs (BEV+PHEV+HEV) in Europe (30 countries: EU + UK + Switzerland + Norway) reached 2,212,902 units over the first 9 months of 2024 compared to 2,223,905 in the first 9 months of 2023, representing a decrease of 0.5%.
- BEV production decreased by 7% (1,146,528 units compared to 1,231,584), while PHEV production increased by 4% (531,444 units compared to 509,650) and HEV production increased by 11% (534,930 units compared to 482,671).
- Despite these results, BEVs still represent 52% of xEVs production in Europe in 2024 (compared to 55% in 2023). It seems that some customers this year preferred to opt for full-hybrid (HEV) or even plug-in hybrid (PHEV) rather than choosing battery electric (BEV).
- By country, the largest European producer of xEVs in 2024 remains Germany (because it is the largest European producer of BEVs and the largest European producer of PHEVs) which alone represents 40% of xEVs production in Europe (60% of BEVs, 40% of PHEVs and 0% of HEVs), with 911,681 units in the first 9 months of 2024 compared to 865,187 in the first 9 months of 2023. France is the second largest European producer of xEVs(373,701 units in the first 9 months of 2024 compared to 363,521 in the first 9 months of 2023) thanks to the production of 224,584 HEVs (Mazda 2, Toyota Yaris and Yaris Cross) which represents 40% of HEV production in Europe. Spain is the third largest European producer of xEVs(291,697 units in the first 9 months of 2024 compared to 290,820 in the first 9 months of 2023) which is still waiting for the launch of small battery electric cars in segments A and B.
The level of the European market since 2020 confirms the need to close factories
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The level of the European market since 2020 confirms the need to close factories
- With a European light vehicle market (PC+LUV) that has gone from an average level of 18 million units per year (volume reached in 2017, 2018, 2019) to an average level of 13 to 15 million units per year (volume reached in 2020, 2021, 2022, 2023, 2024), it is clear that the European automotive industry is increasingly suffering from overcapacity. Even though several major European factories have closed over the past ten years, such as the Opel plant in Bochum and the Ford plant in Genk in 2014, then the Honda plant in Swindon and Nissan plant in Barcelona in 2021, the Renault plant in Flins and the Nedcar plant in Born in 2024, production overcapacity remains significant in Europe.
- They reached 33% in 2023, compared to 39% in 2021 and 2022, but 18% in 2019, 16% in 2018 and even 15% in 2016 and 2017. In 2024, they could be at the same level as in 2023.
- New factory closures are confirmed for 2025:
§ The Audi plant in Brussels will close in February 2025 and the Ford plant in Saarlouis in November 2025.
§ Stellantis has announced that it could close its Luton plant as early as next year.
§ Jaguar has not produced cars at its Castle Bromwich site since June 2024, but the plant is being reconfigured to produce the brand's new electric models that will be launched from 2025.
- Finally, remains the status of Volkswagen for which at least three plants are in overcapacities : Dresden, Osnabrück and Emden. But so far, nothing has been confirmed.