BMW records growth as Tesla slips in European EV market
30 September 2024
BMW posted a positive performance in July’s European electric vehicle (EV) market, while Tesla’s dominance showed signs of slipping. José Pontes, data director at EV Volumes, reviews the results with Autovista24 journalist Tom Hooker.
Tesla took the best-selling EV title in July with its Model Y, remaining the most popular plug-in brand so far this year. It held a market share of 10.8% in the first seven months of the year. However, this was 0.6 percentage points (pp) down from the previous month’s report.
This drop was to be expected, as the carmaker usually experiences a slump in the first month of every quarter. However, it appears that Tesla’s dominance is now not as clear-cut as in previous years.
Tesla is still expected to be Europe’s best-selling EV brand in 2024. Yet, it will likely have a greater challenge retaining this title in 2025.
A boost for BMW
On the other hand, BMW gained ground in July. The manufacturer accounted for 10.1% of plug-in registrations in the year to date, up from 9.9% in June. This performance should be enough to guarantee a second-place finish in 2024, making for the third year in a row.
BMW now has a 1.3pp lead over German rival Mercedes-Benz. The latter was stable in July, taking third with a market share of 8.8%.
Volvo stayed steady in fourth, accounting for 8.6% of EV deliveries in Europe during the first seven months of 2024. Although the EX30 is gaining share for the Swedish marque, the recent poor performance of the EX40 and its plug-in hybrid version, the Volvo XC40 Recharge, has hampered overall figures.
Meanwhile, fifth-placed Volkswagen (VW) gained 0.2pp in July, capturing 6.7% of the market. It distanced itself from Audi in sixth, which posted a 6.5% share, stable from June.
VW has appeared in the European EV top three almost every year since 2015, with the only exception being 2019. This means the carmaker will be pushing to overtake Volvo and Mercedes-Benz before the end of 2024.
Kia was some distance behind in seventh, making up 4.6% of plug-in registrations during the first seven months of the year. It gained 0.1pp from the previous month, creating a gap between itself and Peugeot in eighth. The French manufacturer went from a 4.5% market hold in June to a 4.6% share in July.
VW keeps comfortable EV lead
Grouping brands under their respective parent companies, VW Group kept a comfortable lead as the best-selling plug-in OEM. It benefitted from good performances across its EV lineup, with its share rising 0.2pp to 20.4%.
Almost 10pp behind came Stellantis in second, accounting for 10.9% of plug-in deliveries. Despite this being a 0.3pp fall from June, the group overtook Tesla. However, it is not expected to remain in this position for long.
In third, BMW Group sat level with Stellantis after gaining 0.2pp from the previous month. The OEM is relying on the success of its iX1, i4 and i5 models to gain further share and push for second place.
Tesla dropped two positions in July, falling to fourth place. It captured 10.8% of the European EV market, but it is expected to regain ground in August and September.
Elsewhere, Geely-Volvo was stable in fifth position with a 10.6% market share. Mercedes-Benz Group was some distance behind in sixth, making up 9.1% of EV registrations from January to July. Lastly, Hyundai Motor Group gained ground in eighth, increasing by 0.2pp to a 7.9% market share in July.
