European Automobile Manufacturers' Association Releases July New Car Registration Statistics
Tesla's Sales Plummet While BYD Surges Ahead in Europe
Market Share Shift Highlights Intensifying Competition Among Electric Vehicle Makers
Tesla, the electric vehicle company led by CEO Elon Musk, is struggling in the European market, falling behind the Chinese automaker BYD.
According to new car registration statistics for July, released by the European Automobile Manufacturers' Association (ACEA) on August 28 (local time), Tesla sold 8,837 vehicles, a sharp decline of 40.2% compared to the same month last year (14,769 vehicles).
In contrast, BYD sold 13,503 vehicles in the same month, marking a 225.3% increase from July of the previous year (4,151 vehicles). In just one year, BYD's European sales more than tripled.
Tesla's market share in the overall European automotive market dropped from 1.4% a year ago to 0.8%, while BYD's share rose from 0.4% to 1.2%, surpassing Tesla.
In July, total battery electric vehicle sales in Europe reached 186,440 units, an increase of 33.6% compared to the same month last year, continuing a steady growth trend.
CNBC analyzed that Tesla's sluggish sales were influenced by the company's lineup remaining largely unchanged for several years, as well as lingering consumer backlash against CEO Musk's political activities.
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