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Renault Managed To Beat Tesla In European Sales

Electric vehicle sales accounted for 18 percent of the total auto sales in Europe in July.

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Electric vehicle sales accounted for 18 percent of the total auto sales in Europe in July.

Despite its skyrocketing stock price, Tesla, Inc. (NASDAQ:TSLA) seems to be losing ground in Europe. Its sales cratered by 76 percent to just 1050 sales in July. Meanwhile, Renault SA (OTC:RNLSY) dominated Europe's July EV sales party.

Europe - Haven for EVs

COVID-19 might have smashed global auto sales during the first half of the year, but its impact was far weaker on EVs and hybrids. What's astonishing is that in Europe, EV registrations increased 131 percent year on year in July. Total EV registrations in Europe jumped from 23,400 sales in July 2019 to 53,200. The number of existing models increased from 28 models in 2019 to 38. Plug-in hybrid sales also skyrocketed an astonishing 365 percent from last July's figures.

Among the best-sellers are Peugeot (OTC:PUGOY) 208, the Mini Electric, the MG ZS, the Porsche Automobile Holding (OTC:POAHY) Taycan and the Skoda Citigo. They were led by the Renault Zoe which was by far the highest-selling EV in Europe in July, with 146 percent year-on-year growth. No Tesla model made it to the top 10. Renault sold 9280 Zoes in July, followed by the Hyundai Kona (4405), the Volkswagen (OTC:VWAGY) e-Golf (4094) and Kia's e-Niro.

It's just the beginning

This year, Audi will launch its e-tron GT. Volkswagen has already launched its long-awaited ID.3. It even came out with sketches of next year's ID.4 SUV. Tata Motors (NYSE:TTM) Jaguar has teased with a relative of I-Pace which was awarded with The World Car of the Year in 2019. Porsche will have two more EVs in store over the next two years. The race is just getting started.

Jato Dynamics global automotive analyst Felipe Munoz finds that increased EV demand has been met by a growing number of choices. This higher competition has made EVs more affordable, while European governments provided additional support for companies and consumers to enter the market in the form of incentives: €12,000 in France and more than €9000 in Germany.

Outlook

The entire car industry bounced back strongly in July, with the 27 national markets in Jato's data registering 1,278,521 sales, which is down just four percent compared to 2019. However, there are still huge uncertainties regarding when will the pandemic finally be behind us.

Since January, volumes have fallen 35 percent to 6.37 million cars. Moreover, only nine of the 27 countries showing growth in July, such as the United Kingdom, France and Denmark. Yet, important markets fell. Italy, Portugal and Austria dropped by at least 10 percent. More importantly, Germany saw a five percent drop, but at least its Volkswagen Golf regained its traditional place as the biggest-selling machine in Europe with 31,169 sales in July.

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