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BMW has overtaken Tesla in Europe’s electric vehicle market for the first time, with sales of fully electric BMWs rising by over a third to 14,869 units in July. Tesla, on the other hand, saw a 16% drop in registrations to 14,561 units, signaling a shift in market dynamics.
BMW Overtakes Tesla in Europe’s EV Market as Subsidy Reductions and Market Shifts Impact Sales
Last month, BMW AG exceeded Tesla Inc. and took the lead in Europe's electric vehicle market for the first time, extending the German carmaker's impressive growth streak as other manufacturers struggle.
According to data collected by consultants Jato Dynamics, the number of entirely electric BMWs sold in the bloc increased by over one-third to 14,869 units in July. Tesla's registrations decreased by 16% to 14,561 units.
Tesla continues to maintain a significant lead in EV sales year-to-date; however, it is losing market share in Europe to companies such as Volvo Car AB and BMW. Last month, 139,300 new electric vehicles (EVs) were registered by European auto purchasers, a decrease of approximately 6% from the previous year.
The demand for electric cars in Europe is declining due to the cessation or reduction of subsidies in countries such as Germany and Sweden. According to Fortune, this has caused manufacturers to reconsider their EV ambitions. Volkswagen AG, the largest automaker in the region, announced this month that it is decreasing the capacity of high-cost factories in Germany and may postpone the introduction of new electric models. Mercedes-Benz Group AG is reducing its battery initiatives and electrification plans.
“The lack of clarity around the incentives for — and future of — EVs continues to present a barrier to consumers,” Jato analyst Felipe Munoz said. “These factors, alongside the low residual value of EVs, contributed to the decline seen in July.”
BMW Outpaces Mercedes and Audi in EV Sales, While Tesla's Model Y Retains Top Spot Despite Decline
Thanks to the strong demand for electric vehicles (EVs), BMW defied the trend and outsold Mercedes and Audi models of comparable size. The i4 and iX1 achieved this. Although the demand for the four-year-old model is declining, Tesla's Model Y remained Europe's most popular electric vehicle during the first half of the year, with a 16% decrease in sales in July.
As of 10:30 a.m. on August 23, Tesla shares in New York had declined by up to 1.5%. This year, they have declined by approximately 11%.
Although Chinese carmakers, including BYD Co. and SAIC Motor Corp., have been progressively expanding in Europe this year, the threat of EU tariffs has impeded their momentum. According to Dataforce, a researcher, registrations decreased from June to July as Brussels implemented provisional levies that will be implemented later this year.
