Only 6,964 Tesla electric cars were registered in Europe in October, according to the European Automobile Manufacturers Association (ACEA). This is 48.5% less than in the same month last year.
At the same time, total sales of electric cars in Europe, including the UK and the European Free Trade Association (EFTA: Switzerland, Norway, Iceland and Liechtenstein) countries, grew by 32.9%. If all powertrain types are included, new car registrations increased by 4.9%, according to the ACEA report.
Tesla's sales in Europe have declined for ten consecutive months, while the share of electric cars in the region's car market has grown to 16.4%. The updated version of Model Y could not compensate for the increased competition and the growing unpopularity of Elon Musk, the publication writes.
According to ACEA, from January to October, Tesla sold only 180,688 cars in Europe - 29.6% less than in the same period in 2024. The company's market share fell to 1.6% from 2.4% a year earlier.
Against the backdrop of declining sales of Tesla, its Chinese competitors in the European market have achieved impressive success. BYD increased deliveries of electric and hybrid models by 207% to 17,470 vehicles. SAIC Motor showed growth of 46%, selling almost 24,000 cars.
The decline in demand for Tesla in the key market focused on electric cars should cause concern for investors, notes Yahoo Finance. In the course of trading on November 25, the company's securities were getting cheaper by 1.6%. The day before, they soared 7% after Melius Research recommended buying the stock. However, Wall Street is still not expecting growth in shares of the automaker: consensus forecast of analysts suggests that Tesla's securities will fall slightly from the current level, according to MarketWatch.
This article was AI-translated and verified by a human editor
