European electric vehicle demand is booming, but Tesla's sales are plummeting against the trend
Despite strong demand for electric vehicles in Europe, Tesla's sales have continued to decline in multiple markets. The German Federal Motor Transport Authority announced on Wednesday that Tesla's new car registrations in Germany fell by 39% last month, and plummeted by 56% in the first eight months of this year. The automaker, led by Elon Musk, also saw significant sales declines in France, Belgium, Denmark, and Sweden in August. Norway is an exception, where Tesla's sales increased by 21% last month and have grown by 26% so far this year. In the first half of this year, Tesla's sales in major European electric vehicle markets saw a global vehicle delivery decline of 13%, indicating that the company may experience a second consecutive year of annual sales decline. Although it is expected that U.S. consumers will accelerate electric vehicle purchases before the federal tax credit expires this quarter, this boost may be limited by weak sales in Europe and China. In Germany, the overall industry saw a 46% surge in pure electric vehicle registrations in August, with electric vehicle sales maintaining strong growth momentum, despite Tesla's struggles. Across Europe, pure electric vehicle sales grew by 26% in the first seven months of this year, while Tesla's sales fell by 40%
According to Zhitong Finance APP, despite strong demand for electric vehicles in Europe, Tesla (TSLA.US) has seen a continuous decline in sales across multiple markets. The German Federal Motor Transport Authority announced on Wednesday that Tesla's new car registrations in Germany fell by 39% last month, and plummeted by 56% in the first eight months of this year. The automaker, led by Elon Musk, also experienced significant sales declines in France, Belgium, Denmark, and Sweden in August.
Norway is an exception, where Tesla's sales increased by 21% last month and have grown by 26% year-to-date.
Tesla's sales performance in major electric vehicle markets in Europe
In the first half of this year, Tesla's global vehicle deliveries decreased by 13%, indicating that the company may face a second consecutive year of annual sales decline. Although it is expected that U.S. consumers will accelerate their purchases of electric vehicles before the expiration of federal tax credits this quarter, this boost may be limited by weak sales in Europe and China.
In Germany, the overall industry's pure electric vehicle registrations surged by 46% in August, and electric vehicle sales continue to maintain strong growth momentum, despite Tesla's struggles. In Europe as a whole, pure electric vehicle sales grew by 26% in the first seven months of this year, while Tesla's sales declined by 40%
