Tesla continues its remarkable surge in Europe, achieving a record-breaking 2.63% market share in May 2023, according to JATO Dynamics’ latest data. The European new vehicle registrations reached 1,116,472 units, marking an 18% YoY increase (May 2022: 943,435 units). This boost brings the year-to-date total to 5.3 million units, a 17% rise.
Remarkably, Tesla’s market share has jumped from a mere 0.15% in May 2022 to the current 2.63%, making it the standout performer this May. With nearly 29,400 units registered, Tesla has significantly outperformed its 2021, 2020, and 2019 May figures.
Felipe Munoz, Global Analyst at JATO Dynamics, attributes Tesla’s success to strategic incentives, market positioning, and consistent price reductions. In the battery electric vehicle (BEV) segment, Tesla commands a 17.4% market share, with a year-to-date figure of 18.9%, up from 12.2% last year – the highest increase at 6.7 points. SAIC, owner of MG and Maxus, follows with a 2.8-point increase, while Volkswagen Group secures a 2.7-point gain. In contrast, Hyundai-Kia lost 5.6 points, and Stellantis dropped by 3.4 points. BEV registrations soared by 65% in May, accounting for 15% of total new vehicle registrations.
Tesla’s Model Y, the top-selling car in Europe from January to May, is accompanied by the MG 4, securing a record third position in the BEV ranking. Volkswagen ID.4 also performs well, with 8,543 units (+103%), ranking as the second most popular BEV. Felipe Munoz notes that while BEVs and SUVs continue to drive industry recovery, total volume remains below pre-pandemic levels. Although the Dacia Sandero leads the overall model ranking, Munoz highlights that the Tesla Model Y is on track to dominate both the European and global model rankings by year-end.
As the automotive industry navigates recovery, Tesla’s remarkable performance in Europe demonstrates its influence, driven by strategic moves and growing demand for electric vehicles.