Tesla Europe sales slump 40% in February amid weak demand, tough competition
Investing.com - Tesla European sales slumped just over 40% in February as the electric car maker grappled with tough competition and growing ire towards the political activities of CEO Elon Musk
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Investing.com - Tesla European sales slumped just over 40% in February as the electric car maker grappled with tough competition and growing ire towards the political activities of CEO Elon Musk.
Sales of the battery-electric vehicle brand in the European Union, the European Free Trade Association, and the U.K. slid by 40.1% year-on-year in February to 16,888 units. So far this year, the figure has dropped by 42.6%.
The company market share in the region also shrank to 1.8% from 2.8% a year earlier, data from the European Automobile Manufacturers Association showed on Tuesday.
Tesla weak February sales came even as overall battery electric vehicle (EV) registrations in Europe grew 26.1% year-on-year in February, with Tesla (NASDAQ:TSLA) rivals such as China SAIC clocking strong growth for the month.
Battery EVs also made up the third-largest component of European automobile sales in the January-February period, at a 15.2% market share. Hybrid EVs continued to dominate with a 35.2% market share. Petrol cars held a 28.6% share.
Tesla sales drop still came against the backdrop of a softer European car market, with overall new vehicle registrations falling 2.6% year-over-year in the month. But majors such as Volkswagen (ETR:VOWG_p), Renault (EPA:RENA), and BMW (ETR:BMWG), all notched stronger sales.
A host of challenges faces Tesla in Europe, including an ageing slate of offerings compared to newer -- and cheaper -- Chinese entrants. Tesla is gearing up to launch
2025-03-26
By
Anushka Tripathi
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