The French market saw a 12% increase in BEV registrations in the first eight months of 2024, but this growth has fallen short of manufacturers' expectations, according to data from JATO Market Dynamics.

Of the top ten brands, Jeep demonstrated the standout growth in BEV retail sales with a staggering 420% increase in new registrations, albeit from a low baseline in 2023.

Close behind was BMW, with a 402% increase, establishing itself as a premium competitor to Tesla.

Conversely, MG faced significant challenges, seeing the largest market decline at 46%.

Tesla, despite retaining its position as the third best-selling brand, experienced a 40% year-on-year drop, falling behind Peugeot and Renault in their home market.

However, 2024 has been less favourable for the Model Y, with new registrations down by 34% as of August, leading to a decline in market share to 8%.

Despite these challenges, it remains the second most popular BEV model in France, just behind the Peugeot 208.

To counter this trend, Tesla launched short-term finance offers for September 2024, including easy lease and classic credit options, to stimulate demand and clear inventory before the anticipated arrival of a refreshed Model Y in the first half of 2025.

This strategic move also aimed to clear inventory build-up of the current Model Y versions in September, with a view to closing the order books for the third quarter of 2024 on a strong note. It also reflected anticipation of the arrival of the restyled Model Y next year.

Tesla's headline LOA (easy lease) offer, which gave the customer a purchase option if they wished to own the vehicle, started at a monthly payment rate of €299 per month with an OEM discount, or 'Tesla bonus', of €4,000.

This discount was on top of the €4,000 ecological bonus available from the government for qualifying versions. All vehicles were to be delivered to customers by 30 September.

"French market registers rise in BEV registration in first eight months of 2024" was originally created and published by Motor Finance Online, a GlobalData owned brand.