In a significant development for the European electric vehicle market, BMW has overtaken Tesla in monthly sales, marking the first time the German automaker has led the European EV market. According to data from Jato Dynamics, BMW sold 14,869 fully electric cars in July 2024, representing a 35% increase compared to the same month last year. In contrast, Tesla saw its sales decline by 16%, with 14,561 vehicles sold during the same period.
The surge in BMW's EV sales comes at a time when the broader European market is showing signs of cooling interest in electric vehicles. July 2024 saw a 6% drop in EV registrations across Europe compared to July 2023. Analysts suggest that this decline may be due to uncertainties around EV incentives and the future of electric mobility, particularly following Germany's decision to end its EV subsidy program in December 2023.
Despite the overall market slowdown, BMW's strong performance in July has been attributed to a combination of brand loyalty and strategic positioning within the EV market. Meanwhile, Tesla's decline in sales has been linked to various factors, including the potential impact of controversial statements made by its CEO, Elon Musk, which may have influenced consumer sentiment.
However, when looking at the broader picture of year-to-date sales, Tesla remains the dominant player in Europe. The American automaker has sold 178,700 vehicles so far in 2024, significantly ahead of BMW's 97,525 and Volkswagen's 88,445. While BMW's recent success highlights its growing presence in the EV market, Tesla's overall lead indicates the ongoing competition between the two giants as they vie for market dominance in the rapidly evolving landscape of electric vehicles.
