BMW led the European battery electric vehicle (BEV) market for the first time in July 2024, surpassing Tesla in a significant milestone. According to data from JATO Dynamics, BMW sold 14,869 BEVs during the month, edging out Tesla by approximately 300 units. This shift underscores the growing success of traditional automakers in the electric vehicle (EV) space, despite Tesla’s dominance.
BMW’s achievement comes amid a broader trend where traditional car brands, bolstered by government policies and strong customer loyalty, are beginning to catch up to pure electric vehicle manufacturers. BMW reported a 35% jump in BEV sales from the previous year, while Tesla saw its registrations fall by 16%.
Felipe Munoz, a global analyst at JATO Dynamics, noted that uncertainties around EV incentives and the low residual value of electric cars have been obstacles for consumers considering EVs, contributing to a decline in overall sales. In July, around 139,300 new electric vehicles were registered, marking a 6% drop from the previous year, with the EV market share slipping to 13.5% from 14.6%.
Tesla’s challenges have been attributed not only to market conditions but also to the polarising impact of CEO Elon Musk on the brand’s perception. While Tesla remains a powerful player, BMW and other legacy automakers like Volvo are steadily gaining ground in the EV market.
