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Tesla has experienced a significant downturn in European sales, with a near 45% drop attributed to growing consumer unease over Elon Musk’s association with Donald Trump. This decline coincides with Chinese automaker BYD surpassing Tesla in global revenue.
European Market Share Takes a Hit
New data reveals Tesla’s European sales plummeted last month across 25 countries, including EU nations, the UK, Norway, and Switzerland. Market share dipped to 9.6%, a five-year low for February.
While UK registrations saw a 21% increase, with Model 3 and Model Y models ranking among the most popular, analysts suggest Musk’s political involvement is impacting the brand’s image and consumer sentiment. Tesla dealerships have also faced protests.
Musk’s Political Activities Spark Debate
Musk’s support for the German far-right AfD party and controversial statements have fueled concerns about a potential buyer backlash.
However, analysts note that Tesla’s Model Y overhaul also contributes to the sales volatility. As Felipe Muñoz from Jato Dynamics explains, model changeovers can significantly affect brands with limited model lineups.
Rivals Gain Ground in the EV Market
While Tesla struggles, competitors are thriving in the European electric vehicle (EV) market. Volkswagen reported a 180% increase in battery electric vehicle sales, while BMW and Mini collectively sold 19,000 units.
BYD, a Chinese-owned company, saw a 94% sales surge in Europe. Their global revenue surpassed $100 billion last year, exceeding Tesla’s and solidifying their position as a major player in the EV industry.
BYD’s Rise and Tesla’s Challenges
BYD reported revenues of 777 billion yuan (£86 billion) in 2024, a 29% year-on-year increase. In comparison, Tesla reported annual revenues of $97.7 billion.
BYD sold 4.27 million vehicles last year, close to Ford’s 4.5 million. While Tesla’s stock price has plunged, BYD’s market value continues to rise.
Broader Market Trends
Overall car sales in Europe experienced a 3% decline in February, but battery electric vehicle registrations increased by a quarter.
The evolving landscape of the EV market presents both challenges and opportunities for Tesla as it navigates shifting consumer preferences and increasing competition.