UK (Commonwealth) _ In the month of July, German automaker BMW extended its remarkable streak of growth as other manufacturers struggle, surpassing Tesla to take the lead in Europe’s electric vehicle (EV) market for the first time.
In July, sales of completely electric BMWs in the EU increased by almost 33% to 14,869 units, as per statistics gathered by consultants Jato Dynamics. The number of Tesla registrations fell by 16% to 14,561 units.
Although Tesla continues to lead the electric vehicle industry year-to-date, it is losing market share in Europe to competitors like Volvo and BMW. The number of new electric cars registered by European consumers decreased to 139,300 last month, less than 6% from a year earlier.
Europe’s demand for electric vehicles is declining as a result of reduced or eliminated subsidies from nations like Germany and Sweden, which forced several of the biggest automakers in the area to rethink their plans to produce electric vehicles.
Due to strong demand for EVs, such as the i4 and iX1, which outsold comparable sized cars from Mercedes and Audi, BMW was able to defy the trend. In the first half of the year, Tesla’s Model Y remained the best-selling electric vehicle in Europe, but sales of the four-year-old model dropped 16% in July, suggesting that demand is dwindling.
For the first time ever in Europe, BMW sold more electric vehicles last month than Tesla. Despite a decline in the region’s sales of electric vehicles, BMW dominated the market.
New data from Jato Dynamics indicates that 1.03 million cars were registered in Europe in May of this year, a 2% increase over the same month the previous year. Although sales declined in Belgium (-7%), France (-2%), and Germany (-2%), other EU markets contributed to the rise.
While the UK (+3%), Italy (+5%), and Spain (+5%) witnessed modest growth, Portugal (+19%), Poland (+19%), and Slovakia (+12%) contributed to the increase in sales.
SUV registrations reached a new high in July of 554,000, up 6% year over year. Owner of Mercedes, BMW, Toyota, and Volvo, Geely, was the main growth engine. With a 26% market share, Volkswagen led the volume in the meanwhile, followed by Hyundai (including Kia) at 12%.
Among the models registered, 5,022 were luxury (F-SUV) models, up 32% year over year. Last month, registrations of mid-size cars decreased 7% to 106,500, while those of large SUVs increased 23% to 27,600.
In July 2024, sales of electric vehicles in Europe decreased 6% year over year, as per Jato’s figures. After 139,300 new models were registered in July 2023, the EV market share decreased to 13.5% from 14.6%.
With EV sales rising 35% to 14,869 last month, BMW led the way in Europe for the first time. With 14,561 registered models, Tesla came in second, ahead of VW (12,213), Volvo (10,533), and Audi (8,618).
BMW’s most recent models, the iX1, i4, and i5, had significant growth, and over 1,300 new iX2s were registered. With 4,305(+25%) and 4,198(+23%) units sold, the iX1 and i4 were the sixth and seventh best-selling EVs in Europe last month.
With 9,544 sold last month in Europe, Tesla’s Model Y remained the best-selling EV despite a 16% YoY decline in registrations.
The research also highlights Volvo’s increasing market share. With an increase of 5.5% in market share, Volvo emerged victorious, trailed by BMW at 3.2%. With 6,573 registrations in July, Volvo’s new EX30 was the second best-selling electric vehicle in Europe.
Tesla’s registrations decreased 16% to 14,561, although the company still has a commanding lead year to date. Until July, Tesla has sold 178,700 units in Europe, compared to VW’s 88,445 and BMW’s 97,525.
Despite Tesla’s continued dominance during the first seven months of 2024, market share is being gained by BMW, Volvo, and other companies. Tesla’s market share was certain to decline when new models entered the market. In the US, Tesla’s share fell below 50% for the first time, indicating the same thing.
With the introduction of the new Model 3 Highland and the recent leak of the Model Y refresh, Tesla is updating its lineup of automobiles to cater the demand of Europe and compete with other automakers.
