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Tesla's market share in Europe drops despite EV pickup in February
Reuters
Tesla's market share in Europe continued its decline in February, according to new data, as sales of the all-electric carmaker dropped for the second consecutive month.
Despite a surge in overall electric vehicle (EV) registrations across the continent, Tesla’s sales were down 42.6% year-on-year, with the company capturing just 1.8% of the total market and 10.3% of the battery electric vehicle (BEV) market, compared to 2.8% and 21.6% in February 2024.
Tesla sold fewer than 17,000 vehicles in the European Union, the UK, and European Free Trade Association countries last month, a significant drop from over 28,000 in the same period the previous year. As competition intensifies, Tesla is grappling with an ageing lineup and increasing pressure from traditional automakers and new entrants, particularly from China, offering cheaper electric models.
Tesla's CEO, Elon Musk, has also faced controversy due to his public support for far-right political parties in Europe, which some analysts believe has contributed to the decline in sales.
Overall, the BEV market saw a strong 26.1% increase in sales compared to February 2024, while total car sales fell 3.1%, according to data from the European Automobile Manufacturers Association (ACEA). The European Union’s new carbon emission targets, set to encourage EV growth, could be impacted by Tesla’s sales slump, although the company has created a pool to sell carbon credits to other automakers to help meet these targets.
Despite Tesla's struggles, the broader EV market in Europe showed significant growth in February, with BEV sales up 23.7%, and hybrid vehicle sales increasing by 19%. Electrified vehicles, including BEVs, hybrid electric vehicles (HEVs), and plug-in hybrids (PHEVs), accounted for 58.4% of all new car registrations, a notable rise from 48.2% in February 2024.
Among other European automakers, Volkswagen and Renault saw sales increases of 4% and 10.8%, respectively, while Stellantis experienced a 16.2% sales decline. Chinese brands like SAIC Motor reported a 26.1% increase in sales, even amid EU tariffs on Chinese-made EVs, with companies like BYD and other Chinese automakers gaining a combined 2.5% market share.
As the European electric car market continues to grow, Tesla faces increasing competition and challenges in maintaining its dominant position in the region.
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