In the European electric vehicle (EV) market, BMW showcased a strong performance in July, while Tesla’s dominance appeared to be waning. According to data director José Pontes from EV Volumes, Tesla maintained its position as the best-selling EV brand in July with its Model Y, holding a market share of 10.8% for the first seven months of the year. However, this was a slight decrease from the previous month, indicating a potential shift in the market landscape.
Despite Tesla’s continued success, there are signs that its dominance may be challenged in the future. BMW, on the other hand, saw an increase in market share, accounting for 10.1% of plug-in registrations in the year to date. This surge solidifies BMW’s position as a strong contender in the EV market, likely securing a second-place finish for the third consecutive year in 2024.
In comparison, Mercedes-Benz held steady in third place with an 8.8% market share, while Volvo maintained its position in fourth with 8.6% of EV deliveries. Volkswagen (VW) showed growth in July, capturing 6.7% of the market and aiming to surpass competitors like Volvo and Mercedes-Benz by the end of the year.
Grouping brands under their parent companies, VW Group maintained its lead as the best-selling plug-in OEM with a 20.4% market share. Stellantis followed in second place with 10.9% of plug-in deliveries, overtaking Tesla in the rankings. BMW Group tied with Stellantis after a 0.2pp increase in market share, positioning itself for further growth with upcoming EV models.
Tesla slipped to fourth place in July, capturing 10.8% of the European EV market. However, it is expected to regain ground in the coming months. Geely-Volvo, Mercedes-Benz Group, and Hyundai Motor Group rounded out the rankings, showcasing a competitive landscape in the EV market.
Overall, the European EV market continues to evolve with new players entering the fray and established brands vying for market share. As consumer preferences shift towards sustainable mobility solutions, the competition among EV manufacturers is expected to intensify, leading to further innovations and advancements in the electric vehicle sector.
