(Reuters) – BMW (BMWG.DE) has overtaken U.S. automaker Tesla (TSLA.O) to take the lead in Europe's battery electric vehicle (BEV) market for the first time, according to market research firm JATO Dynamics.
The German auto giant sold 14,869 BEV vehicles in July, about 300 more than Tesla sold last month.
Why is this important?
The data highlights that traditional automakers, lagging behind pure electric vehicle makers, are finding success in the market thanks to government policies and a push for brand loyalty.
Important Quotes
“Uncertainty about EV incentives and the future remains a barrier for consumers considering an EV purchase. These factors, combined with low EV residual values, contributed to the decline seen in July,” Felipe Munoz, global analyst at JATO Dynamics, said of the overall drop in EV sales.
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Tesla, the world's most valuable automaker, remains a major player, but uncertainty over EV subsidies and incentives is giving traditional automakers such as BMW and Volvo a leg up.
Some reports say CEO Elon Musk's polarizing personality is also influencing sentiment toward Tesla.
By the numbers
BMW saw its sales increase by 35% last month compared to the same month a year ago, while Tesla saw its registrations fall by 16%, according to the report.
Some 139,300 new electric vehicles were registered last month, down 6% from July 2023, and electric vehicles' market share fell to 13.5% from 14.6% a year earlier, according to the report.
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Reporting by Akash Sriram in Bengaluru; Editing by Sreeraj Kaluvilla
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