A major shift has occurred in Europe’s electric vehicle landscape as BMW has surpassed Tesla as the leading seller for the first time. This milestone is a proof of growing influence of traditional automakers in the EV market. While Tesla remains a dominant player globally, BMW’s success highlights the rising competition from established brands.
Factors like government policies, brand loyalty, and evolving consumer preferences are driving this trend.
Important points:
• Tesla’s registrations declined in July 2024, indicating challenges in maintaining market share amid uncertain EV subsidies.
• CEO Elon Musk’s polarizing persona has affected consumer sentiment and sales.
• The broader European EV market saw a 6% decline in new electric car registrations.
•EV market share in Europe decreased from 14.6% to 13.5% in a span of one year.
Tesla, continues to face growing competition from traditional brands like BMW and Volvo.
