Tesla continues to lead the electric vehicle (EV) market in Europe, with a substantial 11.4% share of battery-electric vehicle (BEV) and plug-in hybrid (PHEV) registrations in the first half of 2024. This marks a slight increase from the previous month and underscores the brand’s strong performance in the region. However, compared to the same period last year, Tesla has experienced a slight decline, losing 1.7 percentage points from its share in 2023.
Following closely behind Tesla is BMW, which captured 9.9% of the European plug-in market, albeit with a slight decrease from its May numbers. Despite this dip, BMW has shown growth compared to the previous year, indicating a positive trend for the manufacturer. Mercedes-Benz secured the third spot with an 8.8% market share, also experiencing a slight decline from its May position but showing an overall increase from the first half of 2023.
Volvo followed suit in fourth place, with an 8.6% share of EV deliveries in the first half of the year. While the brand saw a slight decrease from the previous month, it marked a significant improvement from its performance in 2023. The impact of the EU’s provisional tariffs on BEVs built in China could potentially affect many brands, adding a layer of complexity to the market dynamics.
Volkswagen (VW) maintained its position in the top five, capturing 6.5% of registrations in June. This marks a decline from the previous year but underscores VW’s consistent presence in the European EV market. The carmaker’s focus on the future of its EV fleet, including potential delays in launching new models, reflects the challenges and opportunities facing the industry.
Audi slipped to sixth place, losing ground in June largely due to the performance of its Q8 e-Tron. Kia and Peugeot also sat outside the top six, each accounting for 4.5% of EV deliveries in the first half of the year. Both brands experienced declines from the previous month, highlighting the competitive landscape in the EV market.
In terms of carmaker groups, VW Group maintained its lead in June with a 20.2% share of Europe’s plug-in market. Tesla followed in second place with an 11.4% market share, while Stellantis struggled to maintain its position, dropping to an 11.2% share. BMW Group and Geely-Volvo rounded out the top five groups, showcasing a mix of performance and challenges in the evolving EV landscape.
Overall, the European EV market continues to show growth and competition among key players. As brands navigate regulatory changes and consumer preferences, staying agile and innovative will be crucial for maintaining and expanding market share in the dynamic EV sector.
