Last month, BMW sold more electric cars than Tesla for the first time in Europe. BMW led the market for the first time despite slowing EV sales in Germany, France, and Belgium. With EV sales climbing, is narrowing the gap with Tesla in the EU.
According to new data from , 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 , 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 for the first time. Tesla is updating its vehicles with the new Model 3 Highland rolling out and the . More recently, we learned Tesla is testing a 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 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.
and subscribe to the . Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast.
His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising.
