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.
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.
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