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European Electric Vehicle Market in 2024: Tesla Model Y Remains Dominant

The European electric vehicle (EV) market saw some significant shifts in 2024, with the Tesla Model Y continuing to lead the battery-electric vehicle (BEV) segment.

In December 2024, the Tesla Model 3 secured second place among BEVs, while the Tesla Model Y took the top spot with 28,708 deliveries. The Volkswagen ID.4 followed closely in sixth place, with 63,043 deliveries for the year. The Škoda Enyaq moved into third place among BEVs in 2024, with 79,373 deliveries.

The Volvo XC60 was Europe's best-selling PHEV in 2024, with 58,662 registrations, a growth of 36.4% year on year. The Mercedes-Benz GLC took third place among PHEVs, with 41,355 registrations, a 22.3% increase year on year. The Volvo XC90 jumped up three places from ninth in November 2024 to sixth in the PHEV market in 2024, with 24,764 deliveries, a 50.1% increase year on year.

However, overall, European BEV and PHEV registrations decreased in 2024 compared to 2023. BEV registrations fell by 1%, while PHEV registrations fell by 3.6%. A total of two million all-electric models were registered in Europe in 2024, a decrease of over 20,000 units compared to 2023.

Notable performances in the PHEV segment include the Mercedes-Benz GLC, which had a 4.3% share of the market in 2024, up 0.9pp. The BMW X1 captured 4.1% of PHEV volumes in Europe in 2024, up from 2.6%. The Porsche Cayenne represented 2.6% of the PHEV market in 2024, an increase of 1.4pp year on year.

In the BEV segment, the Cupra Formentor took 10th place in December, with 2,323 registrations, a 44.3% slump compared to December 2023. However, in its first full year of registrations, the Cupra Formentor had a 3% share of the BEV market, a 0.3pp improvement on last year's performance. The Renault 5 and the Alpine A290 combined for fourth place among BEVs in December 2024, with 6,298 registrations.

Other notable performances in the BEV segment include the BMW i4, which took tenth place among BEVs in Europe in 2024, with 44,661 registrations. The Audi Q4 e-Tron landed in fifth place among BEVs in Europe in 2024, with 69,815 registrations. The Skoda Enyaq took third place among BEVs in Europe in December 2024.

The Kia Sportage took ninth place among PHEVs in 2024, down from eighth in the previous month, with 23,935 new models registered, representing a 14.2% drop compared to 2023. The Hyundai Tucson displaced the Audi A3 in the PHEV market, with 22,044 registrations, falling 14.8% year on year. The Ford Kuga registered 2,998 units in December, a decline of 27.5% year on year.

The BYD Song Plus placed in eighth among PHEVs in December, the model's first appearance in Europe’s PHEV top 10, with 2,742 units and a 3% market share. The Porsche Cayenne dropped a position to seventh among PHEVs in 2024, with 24,651 registrations, despite volumes growing 110.2% compared to one year ago. The Cupra Formentor finished fifth among PHEVs in its first full year of registrations, with 28,583 registrations, an increase of 8.6% from 2023.

The Tesla Model Y took a 10.5% share of the BEV market in Europe in 2024, down 2.1 percentage points from 2023. The Volvo XC60 captured a 6.1% market share in Europe in 2024, an increase of 1.8pp. The BMW X1 reached a record 39,289 deliveries in 2024, a 52.4% improvement year on year. The BMW 3-Series landed in ninth among PHEVs in 2024, with 24,165 deliveries, declining 6.6% year on year.

In Sweden, a representative European market, the Tesla Model Y was the best-selling BEV with 18,293 units, followed by the Volvo EX30 (7,100 units), Volvo EX/XC40 (6,165), Volkswagen ID.4 (4,989), Polestar 2 (4,245), Škoda Enyaq iV (3,841), and Tesla Model 3 (3,477) in the first part of 2024.

Across Europe more broadly, Tesla Model Y remained a dominant BEV model by early to mid-2025, building on its strong sales momentum from 2024, despite facing increasing competition from Volkswagen Group and BYD. Volkswagen’s ID.4 was one of the top volume sellers, supported by VW’s strong market presence and several popular models like ID.3 and ID.7 also contributing well. Other notable models gaining popularity in 2024 included the Renault 5 (also labeled Alpine A290), BYD Seal U (both BEV and PHEV variants), and Škoda Elroq—these models appeared in the top-ten lists as of 2024 and early 2025, reflecting rising consumer interest and new model introductions.

1. The renewable energy industry is likely to see an increase in investment as more European countries shift towards electric vehicles, such as the Tesla Model Y, to meet their carbon emission targets.
2. Finance institutions may be keen on providing loans for electric cars and renewable energy projects, as the Tesla Model Y remains dominant in the European electric vehicle market and the renewable energy sector grows.
3. As electric vehicles like the Tesla Model Y become more popular, lifestyle choices are reflecting a shift towards sustainable energy solutions, with technology playing a key role in the integration of electric vehicles into everyday life.
4. The European electric vehicle market, led by models like the Tesla Model Y, could have a significant impact on the automobile industry as more manufacturers develop and release electric vehicles and invest in renewable energy technologies for improved efficiency and reduced emissions.

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