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German automaker BMW (OTC:BMWYY) trumped American EV giant Tesla Inc. (NASDAQ:TSLA) in BEV registrations for the first time in Europe last month, according to market research firm JATO Dynamics.
What Happened: According to the firm, BMW saw 14,869 of its battery-electric vehicles registered in July, winning over Tesla, which had 14,561 registrations, by a slight margin.
Europe’s most popular automaker Volkswagen, meanwhile, delivered just 12,213 EVs. However, the automaker continues to lead in overall vehicle sales.
Key Models: Despite the fall in registrations as compared to July 2023, the Tesla Model Y was the bestselling EV last month, with 9,544 units registered. BMW’s BEV registrations, meanwhile, were spurred by the popularity of the company’s new models including iX1, i4, and i5.
Dwindling EV Demand: Overall, the demand for EVs fell in July with market share falling to 13.5% from 14.6% in the corresponding month of last year.
"The lack of clarity around the incentives for – and future of – EVs continues to present a barrier to consumers considering an EV. These factors, alongside the low residual value of EVs contributed to the decline seen in July," Felipe Munoz, Global Analyst at JATO Dynamics, said.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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Photo courtesy: BMW
