As Europe’s appetite for electric cars grows, Tesla and MG are racing ahead, leaving traditional auto manufacturers struggling to catch up. New data from JATO Dynamics reveals that electric vehicles accounted for 22% of new car registrations in Europe in April. This figure trails only behind the 25% mark set in December 2022, indicating an increasing consumer shift towards electric vehicles (EVs).

The Tesla Model Y has sold over 190,000 units so far in Europe alone

Tesla is at the forefront of this seismic change. In August 2023 alone, the company registered 33,809 cars in Europe—a staggering 240% increase from the same month last year. Most notably, this sales figure edges out well-known European car makers like Opel and Citroën and closes in on Ford. Tesla’s success in Europe primarily rides on two models: the Model Y and Model 3. Particularly, the Model Y has reported sales of over 169,000 units and is projected to continue leading the European market through the year.

Tesla Model 2

But Tesla isn’t the only game-changer. Enter MG, a brand originally British but now Chinese-owned, which is gaining ground fast. In August, MG made it to the European top 20 by selling nearly 14,900 units, with electric models accounting for a significant 59% of those sales. This sales volume puts MG ahead of well-established brands like Audi, Skoda, and Peugeot in the electric vehicle space.

While Tesla and MG ascend, traditional brands are feeling the squeeze. Established names like Volkswagen, Ford, and Hyundai are witnessing erosion in their market share. Tesla’s strategy of lowering prices is attracting a broader customer base, and MG is competing effectively with its budget-friendly EVs. As a result, traditional automakers find themselves wedged between Tesla’s aggressive pricing and MG’s value offerings.

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