BMW overtakes Tesla in European BEV market as EV registrations decline

0

BMW led the battery electric vehicle (BEV) market for the first time in July, overtaking Tesla as overall EV registrations slowed.

According to JATO Dynamics’ data, BEV registrations fell by 6% compared to July 2023, with their market share dropping from 14.6% to 13.5%. This decline is attributed to uncertainties surrounding EV incentives and concerns about the residual value of electric vehicles.

BMW overtakes Tesla in European BEV market as EV registrations decline

Despite the overall market slowdown, BMW saw a 35% year-on-year increase in BEV registrations, driven by the strong performance of models like the iX1, i4, and i5. Tesla, on the other hand, experienced a 16% decline in registrations, with the Model Y – formerly Europe’s best-selling vehicle – falling to ninth place in the overall rankings.

Meanwhile, the European car market as a whole saw a modest 2% increase in demand, with 1.03 million units registered in July 2024. Growth was particularly notable in Poland, Portugal, and Slovakia, while registrations decreased in key markets like Germany and France.

Login to continue reading

Or register with AM-online to keep up to date with the latest UK automotive retail industry news and insight.

FOLLOW US ON GOOGLE NEWS

Source

Leave a comment