The Tesla Model Y is on course to become the best-selling car across Europe in 2023 as it clocks more than 209,000 registrations between January and October.
Registrations of the Model Y have accounted for 13% of all electric car registrations across the continent this year, according to data from Jato Dynamics.
Felipe Munoz, global analyst at JATO Dynamics, said: “The Tesla Model Y is the gold standard for those looking to buy an electric vehicle (EV). It is an SUV, it has competitive features, and its price continues to fall.”
The Tesla Model Y was named Best Company Car 2024 by Parkers, earlier this month. In the UK market it’s the best-selling EV and the best-selling car in the true fleet market, this year.
A total of 1,040,278 new cars were registered in October, across Europe, marking a 14% increase on the 909,724 units registered in October 2022.
The increase in volumes in October marked the fifteenth consecutive month of growth in the European new car market, with year-to-date registrations reaching 10,677,402 – a 17% year-on-year rise.
Munoz said: “Overall, October’s new vehicle registration data suggests that the European car market is more resilient and better prepared for the prospect of an economic downturn in the coming months.”
The growth recorded in October can largely be attributed to the rising demand for EVs – a trend that has been driven by the range of incentives available to European consumers, according to Munoz. Registrations of pure electric models across Europe rose by 30% to 157,957 with EVs accounting for 15% of total new registrations in October. Since January 2023, more than 1.6 million electric vehicles have been registered across Europe.
The uptick in EV registrations was largely driven by three major players: Tesla, BMW Group and SAIC Motor. Tesla registrations across all models tripled from October 2022 thanks to strong sales of the Model Y and the Model 3. However, due to a more limited line-up, the US manufacturer failed to keep pace with the bigger automotive groups, such as Volkswagen, BMW Group and Stellantis, in total registrations. In October, Volkswagen was the best-selling group in the EV segment, followed by BMW Group, which recorded a 53% increase in EV registrations with 18,297 units, thanks to strong results with the i4 and iX1.
SAIC’s MG 4 recorded impressive growth, ranking as the most popular electric hatchback in October and the fourth best-selling EV in Europe, with sales 1.6 times higher than its rival, the Volkswagen ID3.