BMW has achieved a significant success in the European electric vehicle market. In July 2024, German automotive giant BMW overtook Tesla to become the best-selling electric vehicle manufacturer in the region. Traditional brands seem to have finally caught up with Tesla.
BMW overtakes Tesla in Europe with 14,869 vehicle sales
BMW outsold Tesla by selling 14,869 electric vehicles in Europe in July 2024. BMW realized a 35 percent sales increase compared to the previous year. On the other hand, Tesla’s sales in the same period declined by 16 percent.
This development resulted in BMW overtaking Tesla for the first time in the electric vehicle market in Europe and shows that traditional automakers are ambitious in the electric vehicle market.
During July, 139,300 new electric vehicles were registered in Europe. However, total EV sales fell by 6 percent compared to the same period last year. This indicates a slowdown in the growth of the electric vehicle market in Europe. The market share of electric vehicles decreased from 14.6 percent to 13.5 percent compared to 2023. However, brands such as BMW have managed to take advantage of this slowdown and increase their market share.
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According to JATO Dynamics, government policies and brand loyalty have played a major role in this success. These significant advances in electric vehicle production by traditional automakers are further fueling competition in the sector. In addition, Tesla CEO Elon Musk’s sometimes controversial personality can also affect consumer perception of Tesla.
