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Tesla Model 3 Was UK's Best Selling Battery EV In 2020

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Tesla Model 3 Was UK's Best Selling Battery EV In 2020

Tesla Inc’s (NASDAQ: TSLA) Model 3 emerged as the top-selling battery electric vehicle (BEV) for 2020 in the United Kingdom and was the best selling auto overall in the last month of that year, Electrek reported Thursday.

What Happened: For the entire year, the Model 3 emerged as the top-selling BEV, with Nissan’s LEAF taking the second spot. 

The third position among BEVs was taken by Renault SAs (OTC: RNLSY) ZOE with Volkswagen’s AG’s (OTC: VWAGY) ID.3 and Kia Motor Company’s Niro giving close competition. 

BEVs that sold at least 5000 units in 2020 — ranked in the order of popularity — include Tata Motors Limited’s (NYSE: TTM) Jaguar I-Pace, MG ZS, Volkswagen’s Audi e-tron, and Bayerische Motoren Werke AG’s (OTC: BMWYY) i3. 

The Elon Musk-led company sold 5,798 Model 3 vehicles in December, while the total battery electric vehicles stood at 21,914.

Volkswagen AG’s (OTC: VWAGY) ID.3 came in fourth at 3,188 units sold in December. The second and third spots were occupied by traditional autos — Volkswagen’s Golf and Ford Motor Company’s (NYSE: F) Fiesta.

Why It Matters: The U.K. is set to end the sales of internal combustion engine (ICE) cars and vans by 2030, a decade earlier than the initially announced target in October 2018, noted Electrek.

The British government has put in place incentives for both car buyers and manufacturers in terms of charge points and battery production and Electrek expects sales to jump on a massive scale next year despite the COVID-19 pandemic.

However, Tesla is also getting tough competition in Europe and has already lost the 2020 top spot in Norway to Volkswagen, as per the Norwegian Road Federation (OFV). 

See Also: 6 Auto Stocks To Watch As UK Moves Up ICE Ban

Price Action: Tesla shares closed nearly 7.9% higher at $816.04 on Thursday and gained 1.65% in the after-hours session at $829.50.

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