In a significant shift in the European electric vehicle (EV) market, BMW has overtaken Tesla in monthly sales for the first time. According to data from Jato Dynamics, BMW sold 14,869 EVs in July 2024, a 35% increase from the previous year, while Tesla’s sales declined by 16% to 14,561 units. This milestone comes amid a broader slowdown in EV demand across Europe, with overall sales declining by 6% year-over-year to 139,300 units in July.The changing landscape of the EV market is not limited to Europe. In the United States, Ford Motor Company has announced significant adjustments to its EV strategy. The automaker has canceled plans for a large electric SUV and delayed the launch of its next-generation electric pickup truck until 2027. Instead, Ford will focus on developing more affordable EVs and hybrid models, citing profitability concerns and changing market dynamics.These strategic shifts reflect broader challenges in the EV market. The end of government subsidies in countries like Germany and Sweden has cooled demand, while concerns about the depreciation of EVs and their residual value have affected consumer confidence. In Germany, for instance, new EV registrations in July fell by 30% compared to the previous month.Despite these challenges, some manufacturers are finding success. Volvo, for example, saw a 265% increase in EV sales, largely due to the popularity of its new EX30 small SUV. Meanwhile, Chinese EV manufacturers are facing their own hurdles, with sales declining by 45% in the EU in July due to increased import tariffs.As the EV market continues to evolve, manufacturers are adapting their strategies. BMW’s success and Ford’s pivot highlight the importance of offering a diverse range of products, including hybrids and more affordable EV options, to meet changing consumer demands and navigate the complex landscape of the global automotive industry.
Key points
- BMW surpassed Tesla in European EV sales for the first time in July 2024, selling 14,869 units compared to Tesla’s 14,561.
- Ford has canceled plans for a large electric SUV and delayed its next-generation electric pickup truck until 2027, focusing instead on more affordable EVs and hybrids.
- Overall EV sales in Europe declined by 6% year-over-year in July 2024, reflecting broader market challenges.
- The end of government subsidies and concerns about EV depreciation are affecting consumer confidence in electric vehicles.
Contradictions👾While most sources report a decline in overall EV sales in Europe, one article suggests that BMW, Volvo, and others are gaining market share as new models are released, potentially indicating a more complex market dynamic.
