European car manufacturers have lost ground to their Chinese competitors in the electric vehicle race in 2024, according to the environmental organization ICCT.
"The analysis of the rankings shows that 2024 was a year of missed opportunities for European manufacturers," said Peter Mock, European Director of the International Council on Clean Transportation (ICCT), commenting on the study published Tuesday. The global market for electric vehicles is accelerating, Mock noted. German manufacturers, in particular, who rely heavily on exports, are feeling the pressure. "A strong European domestic market for electric cars could still turn the tide," he said. While this year's sales figures are promising, much remains at stake.
Globally, Tesla remains at the top of the electric vehicle manufacturers despite recent sales declines, according to the study. However, Chinese manufacturers such as BYD and Geely are quickly catching up and now follow closely behind. In contrast, German automakers have slipped in the rankings. BMW dropped to fifth place in the latest analysis, down from third last year. Mercedes-Benz fell from fourth to seventh place. The ICCT's rankings consider factors such as the share of electric vehicles in total sales, the energy consumption of the vehicles, and the companies' strategic objectives.
(Reporting by Christina Amann. Edited by Olaf Brenner. For inquiries, please contact our editorial team at Berlin.Newsroom@thomsonreuters.com (for politics and economics) or Frankfurt.Newsroom@thomsonreuters.com (for companies and markets).
