Tesla has long been the dominant force in the European electric vehicle (EV) market, but other continental brands are starting to catch up. José Pontes, the data director at EV Volumes, recently sat down with Autovista24 journalist Tom Hooker to discuss the latest market trends.
As of August, Tesla maintained its position as the best-selling brand in the European EV market, capturing 10.9% of all plug-in registrations in the first eight months of the year. While this represented a slight increase from the previous month, Tesla’s market share is down from the same period last year when it held 12.3%.
Close on Tesla’s heels is BMW, with a 10.1% market share, just 0.8 percentage points behind the American automaker. In August 2023, Volkswagen (VW) was Tesla’s closest competitor, trailing by 3.6 percentage points.
Mercedes-Benz secured the third spot in August with an 8.8% market share, followed by Volvo in fourth place with 8.5%. Volvo’s EX40 model, along with its plug-in hybrid version of the XC40, contributed to the brand’s decline in market share.
Volkswagen, which held 6.7% of EV registrations, showed signs of recovery after a slow first half of the year. However, the brand is still 2 percentage points behind its market share from August 2023 and is unlikely to finish in the top three this year.
Audi, with a 6.4% market share, experienced a slight decrease in market share in August, primarily driven by the performance of the Q4 e-Tron model. Kia and Peugeot followed closely behind with 4.5% and 4.4% market shares, respectively.
In terms of manufacturing groups, VW Group maintained its lead with a 20.4% market share, giving it a comfortable 9.4 percentage point lead over its closest competitor. BMW Group and Stellantis were neck and neck for second place, each holding an 11% market share.
Tesla, despite being in fourth place, remains a strong contender for the runner-up position by the end of the year, with a 10.9% market share. Geely-Volvo maintained a stable market share of 10.6% in August.
Mercedes-Benz Group held a 9.1% market share, placing it in sixth position, while the Hyundai Motor Group captured 7.9% of the market.
Overall, the European EV market is becoming increasingly competitive, with a diverse range of brands vying for market share. As consumer demand for electric vehicles continues to rise, it will be interesting to see how these brands adapt and innovate to stay ahead in this rapidly evolving industry.
