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BMW Ascends As Europe’S Top Electric Vehicle Seller, Eclipsing Tesla
(MENAFN- The Rio Times) In a notable industry shift, BMW AG eclipsed Tesla, leading Europe's electric vehicle market for the first time last month. This achievement underscores BMW's strong growth trajectory.
Sales of BMW's electric models in Europe soared over a third to 14,869 units in July, as reported by Jato Dynamics. Conversely, Tesla saw its registrations fall by 16%, totaling 14,561 units.
Despite Tesla's lead in year-to-date sales, it's losing market share to rivals such as BMW and Volvo Car AB.
In July, European car buyers registered 139,300 new electric vehicles, marking a 6% decline from the previous year.
This downturn follows reductions or eliminations of subsidies in Germany and Sweden, prompting automakers to rethink their electric strategies.
Volkswagen AG, the largest carmaker in the region, recently announced cuts in the capacity of its high-cost German plants and suggested delays in new electric model launches.
Mercedes-Benz Group AG is similarly curtailing its electrification and battery initiatives.
Felipe Muñoz, a Jato analyst, notes that uncertainty about incentives and the future of electric vehicles poses significant challenges for consumers.
These factors, along with the low residual value of electric vehicles, drove the observed sales decline in July.
BMW Ascends as Europe's Top Electric Vehicle Seller, Eclipsing Tesla
In contrast, BMW countered this trend with robust demand for its i4 and iX1 models, which outsold comparable models from Mercedes and Audi.
Despite its age, Tesla's Model Y remained Europe's best-selling electric vehicle in the first half of the year. However, demand for this model has decreased, with a 16% drop in July.
Tesla's stock fell as much as 1.5% by 10:30 AM Thursday in New York, reflecting an overall decline of about 11% this year.
Meanwhile, Chinese car manufacturers like BYD Co. and SAIC Motor Corp. have faced setbacks due to impending EU tariffs.
Dataforce reports that registrations fell from June to July as the EU prepares to implement provisional tariffs later this year.
Sales of BMW's electric models in Europe soared over a third to 14,869 units in July, as reported by Jato Dynamics. Conversely, Tesla saw its registrations fall by 16%, totaling 14,561 units.
Despite Tesla's lead in year-to-date sales, it's losing market share to rivals such as BMW and Volvo Car AB.
In July, European car buyers registered 139,300 new electric vehicles, marking a 6% decline from the previous year.
This downturn follows reductions or eliminations of subsidies in Germany and Sweden, prompting automakers to rethink their electric strategies.
Volkswagen AG, the largest carmaker in the region, recently announced cuts in the capacity of its high-cost German plants and suggested delays in new electric model launches.
Mercedes-Benz Group AG is similarly curtailing its electrification and battery initiatives.
Felipe Muñoz, a Jato analyst, notes that uncertainty about incentives and the future of electric vehicles poses significant challenges for consumers.
These factors, along with the low residual value of electric vehicles, drove the observed sales decline in July.
BMW Ascends as Europe's Top Electric Vehicle Seller, Eclipsing Tesla
In contrast, BMW countered this trend with robust demand for its i4 and iX1 models, which outsold comparable models from Mercedes and Audi.
Despite its age, Tesla's Model Y remained Europe's best-selling electric vehicle in the first half of the year. However, demand for this model has decreased, with a 16% drop in July.
Tesla's stock fell as much as 1.5% by 10:30 AM Thursday in New York, reflecting an overall decline of about 11% this year.
Meanwhile, Chinese car manufacturers like BYD Co. and SAIC Motor Corp. have faced setbacks due to impending EU tariffs.
Dataforce reports that registrations fell from June to July as the EU prepares to implement provisional tariffs later this year.
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