The ranking of electric vehicle brands has seen a significant shift, according to the analysis conducted by Jato Dynamics across 28 European markets. In a surprising turn of events, the North American company Tesla, which had been leading the segment, experienced a 16% decline in sales, allowing the German group BMW to claim the top spot for the first time. With a year-on-year increase of 35%, BMW registered 14,869 electric vehicles sold, surpassing Tesla’s 14,561 units. This solid performance by the German manufacturer marked a significant achievement in comparison to Tesla. While Tesla’s Model Y and Model 3 have been dominating the electric battery vehicle rankings since the beginning of the year, they have recently lost ground.
Following BMW and Tesla in the top 10 best-selling electric vehicle brands in Europe for the month of July was Volkswagen, with 12,213 units sold. Volvo (10,533), Audi (8,618), Mercedes Benz (8,365 units), Peugeot (6,361), Hyundai (6,291), Kia (6,034), and Renault (5,638) also made it to the list. Jato Dynamics explains in their analysis that the demand for electric vehicles decreased in July, with their market share dropping from 14.6% in July 2023 to 13.5% last month. According to the consultancy’s data, 139,300 new electric cars were registered last month, a 6% decrease compared to July 2023. Felipe Muñoz, Jato Dynamics‘ global analyst, attributes this decline to the lack of clarity surrounding incentives for electric vehicles and their future, which continues to be a barrier for consumers considering an electric vehicle.
In addition to the electric vehicle market trends, Jato Dynamics also highlighted the growing popularity of SUVs in Europe. The demand for automobiles in Europe increased by 2% last month compared to July 2023, with a total of 1.03 million units registered in the region, bringing the total number of registrations to nearly 7.9 million. SUVs accounted for 54% of all vehicle registrations in July, setting a new record for the segment. 554,000 new SUVs were registered in Europe last month, a 6% increase from July 2023. The SUV segment was led by Volkswagen Group, followed by Hyundai-Kia and Stellantis.
Different categories of SUVs also saw varying levels of demand, with compact SUVs (C-SUV) registering the highest demand at 210,600 units, a 3% increase. Small SUVs (B-SUV) saw a 14% increase in volume, with 204,300 units registered. Large SUVs (E-SUV) and luxury SUVs (F-SUV) experienced a 23% and 32% increase, respectively, while midsize SUVs (D-SUV) saw a 7% decrease in registrations. The availability of more affordable SUV models and the comfort they offer are driving consumers to shift from traditional segments to SUVs, according to Muñoz.
In terms of individual vehicle sales, the Dacia Sandero emerged as the best-selling car in Europe, with 22,400 units sold, marking a 34% increase year-on-year. This was followed by the Volkswagen T-Roc as the second best-selling car. The top 25 best-selling models in Europe for July included a mix of SUVs and hatchbacks, with notable performers like the Toyota C-HR, BMW X1, and Toyota Yaris Cross. While some models like the Ford Puma, Tesla Model Y, and Volkswagen Golf experienced declines in sales, electric vehicles like the Volvo EX30 and MG3 also made their mark in the market.
Overall, the European automotive market is witnessing dynamic shifts in consumer preferences towards electric vehicles and SUVs, reflecting a changing landscape in the industry. As manufacturers continue to innovate and introduce new models, the competition in the market is expected to intensify, offering consumers a wider range of options to choose from.