Tesla, the world's most valuable automaker, is still the leader, but traditional carmakers like BMW and Volvo are catching up because of uncertainties about EV subsidies and incentives.

BMW reported a 35% increase in sales last month compared to the same time last year, while Tesla saw its registrations drop by 16%.

BMW reported a 35% increase in sales last month compared to a year ago, while Tesla saw a 16% drop in registrations.

In July, the German auto giant BMW sold 14,869 battery electric vehicles (BEVs), which is about 300 more than Tesla sold during the same month.

The data highlights the success of traditional automakers in the market after lagging behind pure electric-vehicle manufacturers, thanks to government policies and strong brand loyalty.

KEY QUOTES

"The lack of clarity around the incentives for - and future of - EVs continues to present a barrier to consumers considering an EV. These factors, alongside the low residual value of EVs contributed to the decline seen in July," said Felipe Munoz, Global Analyst at JATO Dynamics, referring to a drop in total EV sales.

CONTEXT

Tesla, the world's most valuable automaker, is still the leading player, but traditional automakers like BMW and Volvo are catching up, partly because of uncertainties around EV subsidies and incentives.

Some reports suggest that CEO Elon Musk's polarizing personality has also been affecting how people feel about Tesla.

Tesla, the world's most valuable automaker, is still the top player, but traditional carmakers like BMW and Volvo are making gains because of uncertainties around EV subsidies and incentives.

According to some reports, CEO Elon Musk's controversial persona has also been affecting how people view Tesla.

BY THE NUMBERS

According to the report, BMW saw a 35% increase in sales last month compared to a year ago, while Tesla experienced a 16% drop in registrations.Top of Form

Bottom of Form

According to the report, around 139,300 new electric cars were registered last month, which is a 6% decrease from July 2023. The market share for EVs also fell to 13.5% from 14.6% a year ago.