Tesla sales plunge in Europe as China's BYD gains
Sales of Tesla vehicles in Europe continued their downward trend, plunging 40% in July.
Meanwhile, Chinese automaker BYD experienced a significant surge in registrations across the region last month, highlighting shifting consumer preferences in the European electric vehicle market, News.Az reports, citing foreign media.
New registrations for Tesla vehicles fell to 8,837 units in July, across the European Union, the European Free Trade Association (EFTA) bloc and the UK, down from 14,769 for the same month last year. That's according to the latest data from European Automobile Manufacturers Association (ACEA), published on Thursday, which showed Tesla's market share had fallen to 0.8% in July from 1.4% last year.
From January to July, there were 119,013 new Tesla registrations across the region, which was down 33.6% compared to the same period last year.
By comparison, sales of BYD cars jumped 225% year-on-year in July to 13,503 units across Europe, with the carmaker gaining a 1.2% market share last month.
Over January to July, there were 84,416 new BYD registrations in the region, marking a surge of 290% compared to the same period last year.
More broadly, ACEA's data showed that sales of battery electric cars rose 33.6% year-on-year across Europe last month, while plug-in hybrid registrations were up 52.3% and hybrid electric sales increased 11.1%.
Tesla sales have continued to fall this year amid backlash against Musk. That's despite the billionaire's exit from his advisory role to the Trump administration, heading up the Department of Government Efficiency (DOGE), at the end of May.
A public feud between Musk and president Donald Trump following his departure from Washington weighed further on Tesla shares, which are down more than 13% year-to-date.
The company's recent financial performance has also disappointed against expectations. In July, Tesla posted second-quarter revenue of $22.5bn (16.64bn) compared with $22.64bn expected by Bloomberg consensus. This marked a 12% drop compared with the $25.05bn reported a year ago.
Adjusted earnings per share (EPS) came in at $0.40 compared with expectations of $0.42, while operating income of $923m was also lower than the expected $1.23bn.
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