Tesla Inc (NASDAQ:TSLA)’s Model 3 was the most purchased vehicle in Europe for September, the first time that an electric vehicle (EV) has led the market and the first time a vehicle made outside of the continent has occupied the top spot.
There were 24,600 Tesla Model 3 cars registered across the continent last month, according to research by Jato Dynamics.
Sales of the model rose 58% compared to September last year as Elon Musk’s company outsold petrol vehicles under the Fiat, Nissan and Seat brands.
The Tesla Model Y also performed strongly in the month of September, selling nearly 9,000 units.
As a result, Tesla led the EV market with a share of 24% and reached a 2.6% market share for all vehicles.
The research suggests that the switch from internal combustion engines vehicles towards electric vehicles is well under way, which is good news for dedicated EV manufacturers such as Tesla and newcomer Lucid Group Inc (NASDAQ:LCID), as well as more established rivals like Volkswagen that are investing heavily to shift production wholly to EVs.
Before the pandemic, there were 10.3 new diesel cars registered for every electric or plug-in hybrid vehicle. Today, that ratio has decreased to just 1.3.
In September, low emission vehicles posted a monthly growth of 44%, to 221,500 units, while the registrations of diesels decreased by 51%, to 167,000 units.
For Tesla there was a further boost on Monday, as Hertz, the American car rental giant, was reported to have ordered 100,000 Tesla Model 3s for its own fleet.
This perhaps makes up somewhat for its announcement that it would be reversing updates on its ‘full self-driving’ vehicle technology due to problems at the beta testing stage.
The electric vehicle manufacturer’s share price reached an all-time high in early trading on Monday of US$979.8, as the company’s market cap approaches US$1trn.