BMW Stands Out in the European Electric Vehicle Market
In July 2024, the German automotive giant BMW achieved a significant success in the European electric vehicle market, surpassing Tesla to become the region’s best-selling electric vehicle manufacturer. This development indicates that traditional brands have finally caught up with and even surpassed Tesla.
BMW Surpassed Tesla in Europe with 14,869 Vehicle Sales
BMW sold 14,869 electric vehicles in Europe in July 2024, surpassing Tesla. BMW’s electric vehicle sales increased by 35% compared to the previous year. Meanwhile, Tesla’s sales during the same period declined by 16%. This development resulted in BMW surpassing Tesla in the European electric vehicle market for the first time and showcased how competitive traditional car manufacturers can be in the electric vehicle market.
Overall Situation in the Electric Vehicle Market
Throughout July, a total of 139,300 new electric vehicles were registered in Europe. However, total electric vehicle sales decreased by 6% compared to the same period last year. This situation indicates a slowdown in the growth of the electric vehicle market in Europe. The market share of electric vehicles also fell from 14.6% in 2023 to 13.5%. Nevertheless, brands like BMW have managed to turn this slowdown into an advantage, increasing their market share.
Factors Behind the Success
According to JATO Dynamics, government policies and brand loyalty have a significant impact behind this success. The substantial progress made by traditional car manufacturers in electric vehicle production intensifies the competition in the industry. Additionally, Tesla CEO Elon Musk’s occasionally controversial personality can also affect consumer perception of Tesla.
BMW’s success in the European electric vehicle market highlights the changing landscape of the automotive industry. Traditional brands are proving that they can compete with and even outperform newer, electric-focused companies like Tesla. As the market continues to evolve, it will be interesting to see how other traditional manufacturers adapt to the growing demand for electric vehicles and whether they can replicate BMW’s success.