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RENAULT

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Real-time Euronext Paris  -  10:49 2022-06-27 am EDT
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Electrified cars overtake petrol models in French Q1 sales

04/01/2022 | 09:35am EDT
FILE PHOTO: A Tesla Model 3 is seen in a showroom in Los Angeles

PARIS (Reuters) - Sales of new electrified vehicles in France overtook petrol-powered equivalents for the first time in the first quarter, a major milestone for lower-emission vehicles amid high prices at petrol pumps and government subsidies for electrified models.

Overall, French new car sales fell in the first quarter and recorded their tenth straight month of declines with an almost 20% drop in March, as the auto industry struggles to with supply chain issues including a global shortage of semiconductor chips.

Sales of fully electric and hybrid models accounted for nearly 40% of new car sales, versus 38.3% for conventional petrol models, according to industry data provided by the Plateforme automobile (PFA).

A spokesperson for the PFA said due to uncertainty over the war in Ukraine and shortages of some components, it was not possible to provide a forecast for French new car sales in 2022.

Adding in diesel model sales' market share of 16.5% in the first quarter, pure combustion engine models are still in the majority.

But this is a sea change in auto sales, as electrified vehicles were a niche market just three years ago.

Encouraged by subsidies, looming bans on fossil-fuel models and high petrol prices, electrified models have become mainstream in a very short space of time.

The top-selling electric car in France in March was Tesla's mass-market Model 3, followed by the Dacia Spring from Renault and the Peugeot 208 from Stellantis.

French car sales were down 17.3% in the first quarter.

In 2020, the French car market fell off a cliff due to the coronavirus pandemic, but then rose slightly in 2021.

(Reporting by Gilles Guillaume; Writing by Nick Carey; Editing by Mark Potter)

By Gilles Guillaume


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
RENAULT 1.70% 25.125 Real-time Quote.-19.10%
STELLANTIS N.V. -0.77% 12.332 Delayed Quote.-25.52%
STELLANTIS N.V. -0.35% 12.392 Real-time Quote.-25.46%
TESLA, INC. 0.76% 742.4499 Delayed Quote.-30.25%
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Sales 2022 46 012 M 48 536 M 48 536 M
Net income 2022 -750 M -791 M -791 M
Net Debt 2022 766 M 808 M 808 M
P/E ratio 2022 -8,78x
Yield 2022 1,44%
Capitalization 6 715 M 7 084 M 7 084 M
EV / Sales 2022 0,16x
EV / Sales 2023 0,12x
Nbr of Employees 160 000
Free-Float 53,7%
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Number of Analysts 21
Last Close Price 24,71 €
Average target price 36,80 €
Spread / Average Target 48,9%
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Luca de Meo Chief Executive Officer
Thierry Pieton Chief Financial Officer & Senior Vice President
Jean-Dominique Senard Chairman
Luc Julia Chief Scientific Officer
Frédéric Vincent Chief Information Officer
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