Tesla and MG lead market share growth in Europe in H1

Tesla and MG have led new car growth across Europe in the first half of 2023, according to the latest data compiled by JATO.

New car registrations increased by 17% across Europe in H1, but Tesla took a 2.82% across the continent, the biggest market share growth across the 116 brands JATO tracks across Europe.

MG had the second highest market share growth in H1, with a 1.59% slice of European registrations.

Felipe Munoz, Global Analyst at JATO Dynamics,  said: “The increase in availability of cars following the start of local production in Germany,  as well as price cuts, explains Tesla’s rapid growth recently.

“It’s also important to note that Tesla represents EVs for many all over the world, and today more and more people are turning electric.”

Once a British brand, all of its current cars are designed, developed, and  produced by SAIC, one of China’s biggest OEMs.

With 104,300 units registered in H1 2023, MG outsold other major brands such as Mini,  Cupra, and Jeep.

Partly due to the success of the MG 4, its volume grew by 128% since H1 2022, providing MG with the second highest market share increase in the first half of this year. 

Munoz added: “MG is using both the notoriety of the brand in the West, and the competitiveness of the Chinese market, to its advantage.

“Its appealing, modern, and affordable electric cars in both Western and Eastern markets are a good showcase of how Chinese manufacturers can gain more traction and shift perceptions of their products.” 

Chinese OEMs struggled to outpace competitors  

 Aside from MG, China’s carmakers are gaining traction less quickly than analysts anticipated.

Munoz said: “The dominating  narrative at the moment is around the big potential of Chinese manufacturers in Europe.

“The potential is certainly there, but the volume of registrations are not currently reflecting that.” 

JATO’s data shows that of the 26 Chinese-made cars that sell in Europe, 43,101 units have been registered  between January and June 2023, amounting to just a 0.66% market share.

Nonetheless, they still experienced growth – they had just 0.43% market share during the same period the year before. Including MG, the market share of Chinese OEMs is 2.25%, or 147,394 units.

Munoz, added: “It is not easy to continuously grow in such a competitive market, particularly when the brand is  unknown and the product needs time to become popular with consumers. The perception of cars by Chinese  manufacturers in the West needs to shift in order to see growth.” 

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• Source: https://www.am-online.com/news/market-insight/2023/07/27/tesla-and-mg-lead-market-share-growth-in-europe-in-h1