The global demand for EVs continues to ramp up and, in Europe, it shows no sign of slowing down. While car registration across European markets has decreased compared to previous years, total registrations were 27 per cent higher in H1 of 2021 than they were in H1 of 2020, indicating a slow but steady post-pandemic recovery. Notably, the Tesla Model 3 topped the European model rankings in September with 24,600 registered units, which amounts to an impressive 2.6 per cent market share.
Not only is this the first time an EV has topped the European automotive market, it’s also the first time a vehicle manufactured outside of Europe has had majority market share. Tesla is notorious for its record-breaking end-of-quarter sales performance, and the automaker hit 74 per cent of its third quarter volume last month. The Model Y is also performing well, coming in at the second spot for BEVs in Europe.
Between the Model 3 and the Model Y, Tesla now holds a market share of 24 per cent, placing the automaker ahead of its main competitors, including Volkswagen with 22 per cent, Stellantis with 13 per cent, and Hyundai-Kia with almost 11 per cent.
Speaking to the two year decline in vehicle registration across Europe, Felipe Munoz, Global Analyst at JATO Dynamics, shares: “Dealers continue to face issues with the availability of new cars due to the chip shortage. As a result, unwilling to wait more than a year for a new car, many consumers have turned to the used car market. This year, the industry has responded well to the pandemic, but it is now facing new supply chain challenges.”
Hopefully, the increase in popularity of EVs will continue to push the automotive segment forward into a period of recovery.