According to the 2024 Annual Report by the Spanish Association of Automobile and Truck Manufacturers (ANFAC), motor vehicle companies and manufacturers operating in Spain – members of ANFAC – achieved a turnover of 76.855 billion euros in 2024. Although this figure is 2% lower than the previous year, the industry continues to demonstrate its strength and resilience in a context marked by both the transformation towards zero emissions and the geopolitical and economic tensions affecting the logistics chain and commercial activity. Net income amounted to 2.018 billion euros last year.

In terms of investment, the automotive industry remains one of the main industrial investors in Spain and Europe, with 2.434 billion euros invested, 2.6% more than the previous year. Furthermore, the industry is still one of the most stable employers in Spain with 57,189 direct jobs in 2024.

The automotive industry is a major player in national economic activity. In 2024, the industry’s total contribution to the Spanish economy was 39.838 billion euros, 1.7% more than the same year in 2023. 6.052 billion euros of this figure comes from taxes associated with purchasing new vehicles, 7.5% more than the previous year.

Vehicles have also remained the product that contributed the largest positive amount to the Spanish trade balance in 2024, with a total of 15.991 billion euros being generated from exporting and importing vehicles.

Following the presentation of the Report, the Director General of ANFAC, José López-Tafall, emphasised that “Spain remains the second largest vehicle producer in Europe and in the world’s top 10. The automotive industry is one of the main pillars of the Spanish and European economy, and also contributes to providing public services through its important contributions to public finances. Continuing to support its transformation does therefore mean supporting the country’s development.

During the presentation, the focus was placed on the milestone reached in 2024: for the first time since 2019 1 million new passenger car sales were recorded in Spain, representing a 7.1% increase compared to 2023. However, it remains below the figures achieved by the market in 2019. There has actually been a 20% reduction since then. Vehicle production was also down 3% year-on-year at 2.3 million vehicles.

José López-Tafall indicated in this respect that, “As the fourth European power, Spain should reach 1.2–1.3 million passenger car sales as a target market. Recovering pre-pandemic levels is key in economic terms, and also for adequate replenishment of the car fleet. A lack of replenishment impacts on emissions and road safety.”

The evolution of the electrified vehicle market in 2024 was also highlighted, decreasing slightly (-0.4%) with a total of 124,176 vehicles (comprising pure electric and plug-in hybrid passenger cars, commercial vehicles, heavy-duty vehicles and buses). This decrease is largely due to the decline in sales of electric commercial vehicles (-27.9%), as passenger cars (1.9%), industrial vehicles (11.4%) and buses (24.5%) all experienced growth compared to last year. Of the total number of electrified vehicles, 115,948 units were passenger cars, which accounted for 11.4% of the total market, far from the 2024 milestone for emission reduction targets and the European average, which closed at 20.7%.

^{Source: ANFAC}