For the first time in Europe, BMW outsold Tesla in electric vehicles last month. Despite a slowdown in electric vehicle sales globally, BMW remained at the forefront of the market. As electric vehicle (EV) gross sales surge, BMW is steadily closing the gap with Tesla in the European market.
According to recent data, the European auto market saw a 2% increase in registrations last month, totaling approximately 1.03 million vehicles, compared to the same period the previous year. Despite modest declines in Germany (-2%) and France (-2%), as well as a more significant drop-off in Belgium (-7%), other key EU markets played a crucial role in driving growth forward.
Portugal’s 19% surge, Poland’s equivalent gain, and Slovakia’s 12% boost contributed to rising gross sales, while the UK’s 3%, Italy’s 5%, and Spain’s 5% advancements were more muted.
In July, the SUV market reached an all-time high, with a remarkable 554,000 units registered, representing a 6% year-over-year increase. Geely, the parent company of BMW, Toyota, Mercedes, and Volvo, has emerged as the industry’s top growth performers. Meanwhile, Volkswagen held the largest market share at 26%, followed closely by Hyundai and its affiliate Kia, which collectively accounted for 12%.
Luxury SUVs spearheaded growth, boasting a 32% year-over-year surge to 5,022 registrations. Registrations of giant SUVs surged by a significant 23% to 27,600 last month, while mid-size models saw a notable decline of 7%, dropping to 106,500 units sold.
BMW’s latest innovation, the BMW i4 M50 xDrive, has officially hit the market.
For the first time, BMW takes the lead in electric vehicle (EV) gross sales, outpacing Tesla.
European electric car sales declined by 6% year-over-year in July 2024. In July 2022, the electric vehicle (EV) market share dropped to 13.5 percent from 14.6 percent the previous month, with a staggering 139,300 new fashion designs registered during that period.
For the first time ever, BMW dominated electric vehicle (EV) sales in Europe last month, with a total of 14,869 EVs sold, representing a significant 35% increase. With 14,561 fashion registrations, Tesla took the silver medal, followed closely by Volkswagen’s 12,213, Volvo’s 10,533, and Audi’s 8,618.
BMW’s latest models, including the iX1, i4, and i5, demonstrated significant advancements, while the newly introduced iX2 exceeded 1,300 registrations.
In Europe, the iX1 and i4 were the sixth and seventh top-selling electric vehicles (EVs) last month, with 4,305 (+25%) and 4,198 (+23%) units registered respectively.
Despite a 16% year-on-year decline in registrations, Tesla’s Model Y remained the best-selling electric vehicle (EV) in Europe last month, with 9,544 units sold.
Volvo’s steady ascent in market share is another notable takeaway from the report. With Volvo claiming the top spot, its market share surged by a notable 5.5%, while BMW trailed behind with a respectable 3.2% increase. In a remarkable achievement, Volvo’s newly launched EX30 emerged as the second most popular electric vehicle (EV) in Europe, securing 6,573 registrations in a single month, July.
Despite a 16% drop in registrations to 14,561, Tesla still holds a commanding year-to-date lead. As of July, Tesla sold 178,700 electric vehicles in Europe, a significant lead over its rivals, with BMW delivering 97,525 units and Volkswagen moving 88,445.
As the first seven months of 2024 draw to a close, Tesla’s dominance in the automotive sector remains unchallenged; however, rivals like BMW and Volvo are steadily increasing their market share.
Electrek’s Take
As new fashion trends emerged, Tesla’s market dominance seemed poised for a decline. As the identical trend unfolds domestically, Tesla’s market value plummets to a new low, its share price dipping below the crucial 50% mark for the first time.
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Recently, whispers emerged that Tesla is piloting a more affordable Model 3 variant in Mexico, with a starting price of approximately $35,000 or 749,000 pesos. The company’s plans for global expansion are still under wraps, but industry insiders speculate that we may indeed see it making inroads into European and American markets within the next two to three years.
Tesla unveiled its innovative Cybertruck, currently unavailable in European markets. Notwithstanding, the Cybertruck has gained traction in the US market, emerging as the fifth best-selling electric vehicle in the second quarter.
The Tesla Cybertruck took the top spot as America’s best-selling electric pickup in Q2, outpacing the Ford F-150 Lightning and Rivian R1T.
