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Tesla Inc. sales tumbled by nearly 50% in Europe last month as the electric-vehicle maker's market share fell further in favor of rivals.
That's according to the European Automobile Manufacturers' Association, which reported that Tesla's (TSLA) sales in the European Union and the U.K. fell to 9,945 in January from 18,161 a year ago - a 45.2% drop - while its market share dropped to 1% from 1.8%.
A fall in new registrations for Tesla came even as sales of battery-electric vehicles rose an overall 34% in the region. Growth surged across three of the four biggest markets, with BEV sales up by 53.5% in Germany, 37.2% in Belgium and 28.2% in the Netherlands in January.
And Tesla's competitors appeared to be clawing away market share. Volkswagen AG (XE:VOW3), which is No. 1 in new car registrations for the region, saw a 5.3% rise in sales over 2024, while China's SAIC Motor Corp. (CN:600104) grew sales by nearly 37%.
Wall Street has blamed Tesla's year-to-date 18% drop partly on its struggles to stay competitive in overseas markets. Sales also fell in January in its second-largest market, China, dropping 11%.
That's according to the European Automobile Manufacturers' Association, which reported that Tesla's (TSLA) sales in the European Union and the U.K. fell to 9,945 in January from 18,161 a year ago - a 45.2% drop - while its market share dropped to 1% from 1.8%.
A fall in new registrations for Tesla came even as sales of battery-electric vehicles rose an overall 34% in the region. Growth surged across three of the four biggest markets, with BEV sales up by 53.5% in Germany, 37.2% in Belgium and 28.2% in the Netherlands in January.
And Tesla's competitors appeared to be clawing away market share. Volkswagen AG (XE:VOW3), which is No. 1 in new car registrations for the region, saw a 5.3% rise in sales over 2024, while China's SAIC Motor Corp. (CN:600104) grew sales by nearly 37%.
Wall Street has blamed Tesla's year-to-date 18% drop partly on its struggles to stay competitive in overseas markets. Sales also fell in January in its second-largest market, China, dropping 11%.
