The latest data from JATO Dynamics for 28 European countries indicates a slowdown in the battery electric vehicle (BEV) sector’s growth during the first half (H1) of 2024.
Although new passenger car registrations saw a 4.4% increase from the previous year, signs of deceleration are evident, particularly among established brands such as Tesla and Volkswagen.
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New car registrations rose from 6,559,213 units in H1 2023, to 6,847,842 units in H1 2024.
However, the once-dominant players are now facing competition from BMW and Chinese manufacturers, who have increased their market share.
Chinese brands’ BEV registrations surged by 26%, with their market share rising from 5.97% to 7.37%.
Volvo-Polestar and BMW Group led the market share growth, with the Volvo EX30 and MG4, both produced in China, becoming the third and fourth most registered electric passenger cars in Europe.
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By GlobalDataDespite leading the European BEV market with 178,000 units, Volkswagen Group’s volume dropped by 14%, with notable declines from the Volkswagen brand and Porsche.
BMW Group’s market share in the BEV sector climbed to almost 10% while Geely Group, which owns Volvo, Polestar, and Lotus, saw a 52% increase in BEV registrations, surpassing Hyundai–Kia, Mercedes, and Renault Group.
With 17,000 electric cars registered, BYD‘s performance propelled it to become Europe’s 16th best-selling BEV brand.
Other Chinese brands such as XPeng, Great Wall Motors, ZEEKR, Hongqi, and Voyah also reported increases in registrations, highlighting the growing influence of Chinese OEMs in the European market.
Conversely, Tesla’s registrations dropped from 185,200 units in H1 2023 to 161,600 units in H1 2024, indicating a slowdown in its previously continuous growth trajectory.
JATO Dynamics global analyst Felipe Munoz said: “Europe’s growth is becoming more moderate – still far from levels seen pre-pandemic due to a more complex operating environment, including emissions regulations, increasing prices of vehicles, and barriers facing the adoption of electric cars.
“Since the semi-conductor shortage, electric vehicles have been the main driver of growth. It is therefore vital that over the next six months, the industry does all it can to dispel uncertainty surrounding the EV market, including how EU tariffs on imported electric cars from China will impact the affordability of these vehicles.”
