Tuesday, 02 January 2024 12:17 GMT

Tesla’s EU Sales Slump


(MENAFN) US electric vehicle (EV) leader Tesla experienced an 18.6% decline in sales across the European Union in September compared to the previous year, as reported on Tuesday by the European Automobile Manufacturers' Association (ACEA).

Billionaire Elon Musk's EV firm sold 25,656 units in the EU during September, according to the ACEA report, down from 31,535 units in the same month of 2024.

The company’s market share also decreased, dropping from 3.9% in September last year to 2.9% this September.

Across Europe, which includes the EU, the European Free Trade Association, and the UK, Tesla’s sales similarly fell by 10.5% year-on-year, reaching 39,837 units in September.

Over the first nine months of the year, Tesla’s overall sales in Europe plunged 38.7% compared to the same period in 2024, totaling 111,328 units.

In contrast, overall battery electric vehicle sales in the EU climbed 20% in September, amounting to 167,586 units.

Meanwhile, Chinese EV manufacturer BYD, a key competitor of Tesla, experienced a remarkable 272% increase in EU sales year-on-year for September, selling 13,221 units.

BYD’s market share also jumped to 1.5% in September from just 0.4% during the same month last year.

Tesla’s recent decline in Europe has been attributed to Musk’s controversial political positions, his involvement in European political matters, and the intensifying competition from Chinese EV brands.

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