Sales of a new Tesla car in Europe plummeted last month since Elon Musk’s involvement in Trump’s administration, indicating potential buyer backlash towards his controversial behavior.
The electric car manufacturer sold just under 16,000 vehicles in Europe last month, a 44% decrease across 25 countries including the EU, the UK, Norway, and Switzerland.
Tesla’s market share dropped to 9.6%, its lowest in five years. January also saw a 45% decline in sales compared to 2024.
Although the UK reported a 21% increase in new Tesla vehicle registrations in February, Tesla’s overall sales in Europe are struggling due to Musk’s political involvement and the Model Y overhaul.
Analysts are monitoring Musk’s impact on Tesla amidst concerns of consumer backlash and competition within the EV market. Brands like Tesla, with limited model lineups, are vulnerable during model transitions.
Other automakers like Volkswagen, BMW, and Mini have seen sales growth in Europe, outpacing Tesla in February.
BYD, a Chinese-owned company, has reported significant sales increases, overshadowing Tesla in revenue and sales figures.
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BYD has emerged as a strong competitor to Tesla, exceeding them in revenue and sales volume, especially with their line of hybrid cars.
Polestar, owned by Geely, Volvo’s parent company, has also shown growth in vehicle sales in the European market.
BYD’s market value has surged, positioning them as a key player in the electric vehicle industry alongside Tesla and other major automakers.
Despite these challenges, Tesla’s shares rose 6% on Monday, showing resilience in the market amid increasing competition and regulatory changes.
Overall car sales in European markets saw a slight drop, while BEV registrations rose significantly, indicating a shift towards electric vehicles in the region.
Source: www.theguardian.com
