BMW led the battery electric vehicle (BEV) market for the first time in July 2024, overtaking Tesla as overall EV registrations slowed.
According to JATO Dynamics’ data, BEV registrations fell by 6% compared to July 2023, with their market share dropping from 14.6% to 13.5%. This decline is attributed to uncertainties surrounding EV incentives and concerns about the residual value of electric vehicles.
Despite the overall market slowdown, BMW saw a 35% year-on-year increase in BEV registrations, driven by the strong performance of models like the iX1, i4, and i5. Tesla, on the other hand, experienced a 16% decline in registrations, with the Model Y – formerly Europe’s best-selling vehicle – falling to ninth place in the overall rankings.
Meanwhile, the European car market as a whole saw a modest 2% increase in demand, with 1.03 million units registered in July 2024. Growth was particularly notable in Poland, Portugal, and Slovakia, while registrations decreased in key markets like Germany and France.
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