Last month, BMW sold more electric cars than Tesla for the first time in Europe. BMW led the market for the first time despite slowing EV sales in Germany, France, and Belgium. With EV sales climbing, BMW is narrowing the gap with Tesla in the EU.
According to new data from Jato Dynamics, 1.03 million vehicles were registered in Europe last month, up 2% compared to last year. Despite sales slipping in Germany (-2%), France (-2%), and Belgium (-7%), other EU markets helped drive growth.
Portugal (+19%), Poland (+19%), and Slovakia (+12%) helped boost sales, while the UK (+3%), Italy (+5%), and Spain (+5%) saw modest growth.
In July, SUVs set a new record with 554,000 units registered, up 6% YOY. BMW, Toyota, Mercedes, and Volvo owner Geely were the top growth drivers. Meanwhile, Volkswagen was the volume leader with a 26% share, followed by Hyundai (including Kia) at 12%.
Luxury (F-SUVs) led the growth, with 5,022 models registered, up 32% YOY. Large SUVs were up 23% (27,600), while registrations of mid-size models fell 7% (106,500) last month.
BMW leads EV sales growth, tops Tesla for the first time
According to Jato’s data, European electric vehicle sales fell 6% YOY in July 2024. With 139,300 new models registered last month, the EV market share fell to 13.5% from 14.6% in July 2023.
BMW led EV sales in Europe for the first time last month, with EV sales reaching 14,869, up 35%. Tesla was second with 14,561 models registered, followed by Volkswagen (12,213), Volvo (10,533), and Audi (8,618).
BMW’s latest models, including the iX1, i4, and i5, saw considerable growth, while the new iX2 notched over 1,300 registrations.
The iX1 and i4 were the sixth and seventh best-selling EVs in Europe last month, with 4,305 (+25%) and 4,198 (+23%) models registered.
Despite registrations slipping 16% YOY, Tesla’s Model Y was still the top-selling EV last month in Europe, with 9,544 units sold.
Another highlight from the report is Volvo’s climbing market share. Volvo was the market share winner, gaining 5.5%, followed by BMW at 3.2%. Volvo’s new EX30 was the second best-selling EV in Europe, with 6,573 registrations in July.
Although Tesla’s registrations slipped 16% to 14,561, it still maintains a dominant lead YTD. Tesla has sold 178,700 models in Europe through July, compared to BMW, with 97,525, and VW, with 88,445.
While Tesla is still the clear leader through the first seven months of 2024, BMW, Volvo, and others are gaining market share.
Electrek’s Take
With new models hitting the market, Tesla’s market share was destined to fall. The same is happening in the US, as Tesla’s share slipped below 50% for the first time.
More recently, we learned Tesla is testing a cheaper Model 3 interior in Mexico, starting at around $35,000 (749,000 pesos). Will we see it hit other markets like Europe or the US?
Tesla also launched the Cybertruck, which is not available in Europe. However, the Cybertruck is gaining ground in the US as the fifth best-selling EV in the second quarter.
The Cybertruck topped Ford’s F-150 Lightning and Rivian R1T to become America’s top-selling electric pickup in Q2.
National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.
The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.
Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.
“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”
Electrekreported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
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Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.
The rollout of Supercharger V4 has been a strange one, to say the least.
Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.
Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.
For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although
Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”
Here are the main features of the V4 Cabinet as per Tesla:
Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.
Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.
We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.
Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.
While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.
Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:
It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.
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Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.
With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.
A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”
In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.
With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.
Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.
The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.
Hyundai hopes new AI-powered EV boosts sales in China
Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.
Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.
BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.
Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).
Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.
According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs
With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.
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