Tesla Powers Up While Ford Falters As BEVs Grab Historic 20% Market Share In Europe - Tesla (NASDAQ:TSLA), Ford Motor (NYSE:F), Volkswagen (OTC:VWAGY)

The European Union is increasingly warming up to electric vehicles as reflected by recent industry data.

Market Share Milestone: According to data published by the European Automobile Manufacturers’ Association (ACEA), battery electric cars (BEVs) market share crossed 20% for the first time in August.

This marks BEVs as the third most preferred fuel choice in the European Union, following gasoline and hybrid electric vehicles. Hybrid electric cars hold a 24% market share, while gas vehicles claim 32.7%.

Rising BEV Registrations: In August, a total of 165,165 BEVs were registered, with the most significant increase recorded in Germany. Interestingly, except for Malta, all other EU markets also saw double and triple-digit percentage growth in BEV registrations.

Continued Growth: Notably, overall vehicle sales also increased last month, with 787,626 units registered. This marks the thirteenth consecutive month of growth in the European Union’s auto industry.

Leaders And Laggards: Among automakers, EV giant Tesla Inc TSLA recorded the most significant surge in new registrations. In August, Tesla registered 27,285 new vehicles, compared to just 7,855 in the same month the previous year.

In contrast, Ford Motor Co F experienced a 9.8% dip in new vehicle registrations last month, with new registrations falling below Tesla’s numbers at 26,245.

German automaker Volkswagen AG VWAGY continues to be the most popular choice, with a total of 209,548 units registered in August.

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