Tesla isn't just facing competition from the US and China: Elon Musk's company now has to worry about Europe, too.
BMW sold more electric vehicles than Tesla in Europe for the first time last month, according to Bloomberg, in just the latest sign that the American automaker's dominance in the EV market is starting to wane.
More from Robb Report
Sales of fully battery-powered vehicles by German premium brands in Europe rose by more than a third to 14,869 last month, according to market data from Jato Dynamics. Meanwhile, Tesla's sales (deliveries by brand name) fell by more than 15% to 14,561. The difference is only 308 cars, but BMW won't mind, as this is the first time it has outsold its U.S.-based peer. A total of 139,300 EVs were purchased in Europe in July, 6% lower than the same month last year.
Of course, it wasn't all bad news for Tesla. The company sold 178,700 electric vehicles across the continent in the first seven months of the year, by far the most of any automaker. Its midsize SUV, the Model Y, was also the best-selling electric model this month. But the news sent the company's shares falling 1.5% within hours.
While many of its older peers are backing away from all-electric commitments, BMW has found a strategy that works. The automaker is second only to Tesla in EV sales in Europe this year, selling 97,525 battery-powered vehicles, up 49% from a year ago. With EV sales in Europe slowing as countries like Germany and Sweden have stopped or cut subsidies to boost sales, the automaker's lineup of all-electric vehicles, including the i4 sedan (pictured above) and iX SUV, is winning over consumers. The automaker also has some exciting all-electric models on the way.
The story continues
Whether or not Tesla sells more EVs than BMW in Europe in 2024, its position as the world's best-selling electric car maker is under threat like never before. China's BYD will sell more battery-powered cars globally in the fourth quarter of 2023, and its U.S. market share fell below 50% for the first time in the second quarter of this year. And now that the company has cleared the waiting list for the Cybertruck, things could get even worse.
The Best of Robb Report
Sign up for the Robb Report newsletter and follow us on Facebook , Twitter and Instagram for the latest news.
Click here to read the full article.
