Tesla Lags With Meager 1.5% Growth Even As UK EV Registrations Surge Over 20% In 2024

New battery electric vehicle (BEV) registrations in the UK rose over 21% in 2024 as compared to the year before while gas vehicle registrations fell, according to new industry data. However, EV giant Tesla Inc. TSLA lagged with a meager 1.5% growth in the same period.

What Happened: According to data from the Society of Motor Manufacturers and Traders (SMMT), BEV registrations grew by a whopping 57% in December and by a remarkable 21% through the year. Battery electric vehicles had a 19.6% market share in the UK in 2024, below the 22% demanded by the government’s mandate.

While the Tesla Model Y was on the list of the top ten bestselling vehicles in the UK last year, Tesla’s TSLA overall sales in 2024 rose merely by a slight 1.5% to 50,334 units from 49,571 a year ago.

Chinese EV giant BYD Co, in comparison, clocked a growth of over 600% to 8,788 units.

Why It Matters: “A record year for EV registrations underscores vehicle manufacturers' unswerving commitment to a decarbonized new car market, with more choice, better range, and increased affordability than ever before.

This has come at a huge cost, however, with the billions invested in new models being supplemented by generous incentives which are unsustainable,” Mike Hawes, SMMT Chief Executive, said while highlighting lackluster demand by private buyers.

“We need rapid results from the regulatory review and urgent substantive support for consumers – else automotive investments will be at risk and the jobs, economic growth and net zero ambitions we all share in jeopardy.”

For 2025, the UK’s rules mandate that EVs account for 28% of a carmaker’s new vehicle sales.

SMMT, in its statement, called for an amendment to the regulation in light of the constrained market and slowing demand while also urging the government to take measures to boost private demand.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read Next:

• Toyota Overtakes Ford, GM In EV Sales In US, Thanks To Its Hybrid Vehicle Lineup

Photo courtesy: Tesla