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Investing.com -- Tesla (NASDAQ:TSLA)’s electric vehicle (EV) sales in Europe experienced a decline in February, falling behind Volkswagen (ETR:VOWG_p), the BMW (ETR:BMWG) group, and Chinese competitors, according to data released by research platform JATO Dynamics on Monday.
Tesla, led by Elon Musk, is facing a challenging period in Europe following Musk’s open support for far-right parties in the continent. This political involvement, coupled with rising competition in the EV market and the discontinuation of the current version of its top-selling vehicle, the Model Y, have all contributed to the slump in sales, according to Felipe Munoz, Global Analyst at JATO Dynamics.
Munoz highlighted that brands with a limited model lineup, such as Tesla, are especially susceptible to registration declines when transitioning to a new model.
Tesla’s battery-electric vehicle (BEV) registrations in 25 European Union markets, the UK, Norway, and Switzerland decreased on average by 44% from the same month in 2024, to fewer than 16,000 cars sold in February. Tesla’s market share for the month dropped to 9.6%, marking the lowest February figure in the past five years.
In contrast, Volkswagen’s BEV sales saw a significant rise of 180%, with fewer than 20,000 cars sold, while the BMW brand and BMW-owned Mini combined sold almost 19,000 BEVs in February. The data also indicated that combined sales of Chinese-owned brands exceeded those of Tesla.
Specifically, BEV sales of BYD (SZ:002594) and Polestar (NASDAQ:PSNY) in the same markets increased respectively by 94% and 84%, resulting in sales of over 4,000 and over 2,000 cars. Additionally, Xpeng (NYSE:XPEV) sold over 1,000 cars, and Leapmotor (HK:9863) sold nearly 900.
However, BEV sales at Geely-owned Volvo (OTC:VLVLY) and SAIC-owned MG declined by 30% and 67% respectively.
Despite Tesla’s decline, the overall BEV market in 25 European Union markets, the UK, Norway, and Switzerland saw a growth of 25% in registrations. However, total car sales in these markets dropped by 3% to 0.97 million in February.
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