Tesla's European Setbacks: Why It Counts

Tesla
‘s new car registrations in the European Union (EU) have declined for five consecutive months, underperforming notably amid the overall growth in the
electric
vehicle (EV)
market
.

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According to the European Automobile Manufacturers Association (ACEA) on Wednesday, Tesla’s new vehicle registrations in the EU plummeted by nearly 41% compared to the same month last year, totaling just 8,729 units.

This indicator, which reflects actual
sales
, shows a cumulative decrease of 45% year-over-year for the period from January to May, with 50,413 units registered.

Tesla’s market share for new cars in the EU has also declined. In May last year, its share was 1.6%, but it dropped to 0.9% in the same month this year.

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Considering the broader European market, which includes the UK, Iceland, Norway, and Switzerland, Tesla’s new vehicle registrations in May totaled 13,863 units, representing a decrease of approximately 28% compared to the same month last year.

This sales slump stands in stark contrast to the overall trend in the European EV market. According to ACEA, the total number of battery EVs registered in the EU in May increased by 25% compared to last year, indicating continued growth in the broader market.

This has raised concerns about Tesla’s declining market share and weakening competitiveness.

Industry analysts attribute Tesla’s sales struggles to intensified price
competition
in Europe, a reshuffling of its model lineup, and increased competition from local brands.

Tesla’s stock price fell 2.28% to $ 340.70, reflecting a decline of approximately 16% since the beginning of the year.