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Bmw Outperforms Tesla nasdaq Tsla in European Bev Sales for the First Time Ever Report

BMW Outperforms Tesla (NASDAQ: TSLA) in European BEV Sales for the First Time Ever: Report

BMW led the European battery electric vehicle (BEV) market for the first time, beating U.S. automaker Tesla (NASDAQ: TSLA), market research firm JATO Dynamics reported.

The German auto giant sold 14,869 BEV cars in July, about 300 more than Tesla last month.

WHY IT’S IMPORTANT

The data underscored traditional automakers’ success in the market after trailing pure electric vehicle manufacturers, driven by government policies and brand royalty.

KEY QUOTES

“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,” said Felipe Munoz, Global Analyst at JATO Dynamics, referring to a drop in total EV sales.

CONTEXT

Tesla (NASDAQ: TSLA), the world’s most valuable automaker, remains the dominant player, but traditional automakers such as BMW and Volvo are gaining ground due to uncertainties surrounding EV subsidies and incentives.

CEO Elon Musk’s polarizing persona has also been influencing sentiment toward Tesla, according to some reports.

BY THE NUMBERS

BMW reported a 35% jump in sales last month from a year earlier, while Tesla saw registrations fall 16%, the report said.

About 139,300 new electric cars were registered last month, down 6% from July 2023, according to the report, which added market share of EVs slipped to 13.5% from 14.6% a year earlier.

(Source: Reuters)

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Zabih Ullah
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.