Electric vehicle registrations in Europe experienced a decline last year, with Tesla, the leading player in the EV market, particularly feeling the impact. The American automaker saw a significant drop of over 10% in its registration numbers. This trend is reflective of the overall decrease in EV registrations across Europe in 2024 compared to the previous year.
According to data from the European Automobile Manufacturers’ Association (ACEA), the total number of EV registrations in the European Union was 1,447,934, representing a 5.9% decrease from 2023. When including the United Kingdom and other European countries, the total registered EVs in 2024 amounted to 1,993,102, a 1.3% decrease from the previous year.
Despite the decline in EV registrations, gas and diesel-powered cars also experienced drops in registrations in Europe. Gas cars saw a 4.8% decrease in the EU and a 6.8% decline when including the UK and EFTA countries. Diesel cars faced the largest decrease, with an 11.4% drop in the EU and an 11.8% decline in the broader European region.
Plug-in hybrids also saw a decrease in registrations, with a 6.8% drop in the EU and a 3.9% decline when considering the EU, UK, and EFTA countries. The only power source that experienced growth was regular hybrid cars, with a 20.9% increase in the EU and a 19.6% rise in the broader European region.
Tesla’s performance in the European EV market was notable, with a 10.8% decrease in registrations in 2024 compared to the previous year. The company registered 327,034 cars in the EU, UK, and EFTA, accounting for 16% of the total EV market share. However, Tesla’s market share decreased from 18% in 2023, indicating a shift in consumer preferences.
While Tesla remains a dominant player in the European EV market, the rise of more affordable EV options from other automakers could pose a challenge to the company. With the introduction of budget-friendly electric vehicles in Europe, consumers may have more choices beyond Tesla’s higher-priced models. This shift in the market landscape could potentially impact Tesla’s market share in the region.
In conclusion, the decline in EV registrations in Europe in 2024 highlights the evolving dynamics of the electric vehicle market. With increasing competition and a growing range of affordable EV options, Tesla and other automakers will need to adapt to meet changing consumer demands and preferences.