In June 2024, a total of 297,329 new passenger cars were registered, an increase of 6.1% compared to the same month last year. One particularly notable trend, however, is the decline in new registrations of electric vehicles. Despite the general growth in the automotive market, electric cars, in particular Tesla, did not benefit from this development.
Decline in electric car registrations
In June 2024, 43,412 purely battery electric vehicles (BEV) were newly registered, a decrease of 18.1% compared to the same month last year. The share of BEVs in total registrations was therefore 14.6%, compared to 18.9% in June 2023. These figures reflect a general slowdown in the electric car market, which also Tesla concerns. Since the beginning of the year, the number of new BEV registrations amounts to 184,125 vehicles, which corresponds to a decline of 16.4% compared to the same period last year.
Reasons for the decline
Several factors are contributing to this development. Firstly, the state subsidy for electric vehicles has been abolished, which has led to a decline in demand. In addition, the discussion about the possible withdrawal of the ban on combustion engines from 2035 has caused uncertainty among consumers. These factors have contributed to the fact that more classic combustion vehicles are being purchased again.
Tesla in focus
Tesla, as one of the leading manufacturers of electric vehicles, is clearly feeling the effects of these developments. In June 2024, 4,648 Tesla-vehicles were newly registered in June 2024, which corresponds to a decrease of 42.2 percent compared to the same month last year. In the first half of 2024, the number of Tesla-new registrations fell by 41.6% to 21,249 vehicles.
Comparison with other all-electric car brands
While Tesla is struggling with a significant decline, the situation is different for other pure electric car brands:
- BYDThis Chinese brand recorded an impressive increase of 574.6 percent in new registrations in June 2024. 1,202 BYD vehicles were registered in the first half of 2024, an increase of 427.2 percent compared to the same period last year.
- Nio: Nio, also from China, experienced a sharp decline in new registrations of 69.7% in June 2024. 234 Nio vehicles were registered in the first half of 2024, a decrease of 33.1%.
- LucidThe American luxury electric brand Lucid recorded a 55.9% decline in new registrations in June 2024. 65 Lucid vehicles were registered in the first half of 2024, which, however, corresponds to an increase of 58.5% compared to the same period of the previous year.
- XpengXpeng, another Chinese manufacturer, was unable to report significant registration figures. Only 19 vehicles were registered in June 2024. A total of 31 vehicles were registered in the first half of 2024.
- PolestarThe Swedish electric car brand Polestar experienced a 64.8 percent drop in new registrations in June 2024. 1,585 Polestar vehicles were registered in the first half of 2024, a decrease of 49.8 percent.
Hybrids and combustion engines on the rise
In addition to BEVs, there are also interesting developments in hybrids. In June, 87,970 hybrids were newly registered, which corresponds to an increase of 12.4 percent. Particularly noteworthy is the increase in plug-in hybrids (PHEVs), which recorded a slight decline of 3.4% with 15,391 new registrations, but are up 13.3% since the beginning of the year.
Registrations of petrol and diesel-powered vehicles also rose significantly in June. Petrol vehicles increased by 12.1 percent, while diesel vehicles recorded growth of 12.4 percent.
Conclusion
The current registration figures illustrate the challenges and opportunities on the automotive market. While the general market situation is positive, electric vehicles and in particular Tesla face considerable challenges. The decline in state subsidies and uncertainties regarding future regulations are having a significant impact on market dynamics. Nevertheless, the positive developments in hybrids and some imported brands show that there is still potential for growth. For Tesla and other electric car manufacturers, it will be crucial to adapt to these new market conditions and develop innovative strategies to boost demand again.
