Last month, BMW sold more electric cars than Tesla for the first time in Europe. BMW led the market despite slowing electric vehicle sales in the region. With EV sales climbing, BMW is narrowing the gap with Tesla in the EU.
According to new data from Jato Dynamics, 1.03 million vehicles were registered in Europe last month, up 2% compared to last year. Despite sales slipping in Germany (-2%), France (-2%), and Belgium (-7%), other EU markets helped drive growth.
Portugal (+19%), Poland (+19%), and Slovakia (+12%) helped boost sales, while the UK (+3%), Italy (+5%), and Spain (+5%) saw modest growth.
In July, SUVs set a new record with 554,000 units registered, up 6% YOY. BMW, Toyota, Mercedes, and Volvo owner Geely were the top growth drivers. Meanwhile, Volkswagen was the volume leader with a 26% share, followed by Hyundai (including Kia) at 12%.
Luxury (F-SUVs) led the growth, with 5,022 models registered, up 32% YOY. Large SUVs were up 23% (27,600), while registrations of mid-size models fell 7% (106,500) last month.
According to Jato’s data, European electric vehicle sales fell 6% YOY in July 2024. With 139,300 new models registered last month, the EV market share fell to 13.5% from 14.6% in July 2023.
BMW led EV sales in Europe for the first time last month, with EV sales reaching 14,869, up 35%. Tesla was second with 14,561 models registered, followed by Volkswagen (12,213), Volvo (10,533), and Audi (8,618).
BMW’s latest models, including the iX1, i4, and i5, saw considerable growth, while the new iX2 notched over 1,300 registrations.
The iX1 and i4 were the sixth and seventh best-selling EVs in Europe last month, with 4,305 (+25%) and 4,198 (+23%) models registered.
Despite registrations slipping 16% YOY, Tesla’s Model Y was still the top-selling EV last month in Europe, with 9,544 units sold.
Another highlight from the report is Volvo’s climbing market share. Volvo was the market share winner, gaining 5.5%, followed by BMW at 3.2%. Volvo’s new EX30 was the second best-selling EV in Europe, with 6,573 registrations in July.
Although Tesla’s registrations slipped 16% to 14,561, it still maintains a dominant lead YTD. Tesla has sold 178,700 models in Europe through July, compared to BMW, with 97,525, and VW, with 88,445.
While Tesla is still the clear leader through the first seven months of 2024, BMW, Volvo, and others are gaining market share.
With new models hitting the market, Tesla’s market share was destined to fall. The same is happening in the US, as Tesla’s share slipped below 50% for the first time.
Tesla is updating its vehicles with the new Model 3 Highland rolling out and the Model Y refresh recently leaking.
More recently, we learned Tesla is testing a cheaper Model 3 interior in Mexico, starting at around $35,000 (749,000 pesos). Will we see it hit other markets like Europe or the US?
Tesla also launched the Cybertruck, which is not available in Europe. However, the Cybertruck is gaining ground in the US as the fifth best-selling EV in the second quarter.
The Cybertruck topped Ford’s F-150 Lightning and Rivian R1T to become America’s top-selling electric pickup in Q2.
Source: Bloomberg, Jato Dynamics
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