Another Blow for Tesla (TSLA) as Sales Crash in Germany
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Further, TSLA sold 8,890 cars in the first half of the year, reflecting a solid 58.2% fall compared to the same period in 2024. This poor performance saw Tesla's market share in Germany shrink to 0.6%.
It must be noted that this sharp decline for Tesla contrasts with the overall growth in the German electric vehicle market. Last month, new battery electric vehicle registrations rose 8.6% in the country.
Three Reasons Behind This Plunge
The plunge in TSLA's sales is likely due to rising competition, especially from Chinese automaker BYD (BYDDF), whose sales tripled to 1,675 units in June. This points to changing consumer preferences towards newer, more affordable EV models.
Further, production adjustments, including the retooling of factories for the refreshed Model Y, have impacted supply chains and vehicle availability during the month.
In addition, a decline in CEO Elon Musk 's public popularity may be contributing to the company's struggles in Germany.
Canaccord Analyst Remains Bullish on Tesla Stock
Despite TSLA's weak deliveries report, Canaccord Genuity analyst George Gianarikas reiterated a Buy rating and a $303 price target on Tesla.
The analyst expects TSLA to benefit from a revamped Model Y, possible new models, and the anticipated Robotaxi launch later in 2025. He sees Tesla as a bold bet on self-driving tech, energy storage, and robotics, but growth in EV sales remains key to its earnings outlook.
Is TSLA Stock a Buy?
Turning to Wall Street, TSLA stock has a Hold consensus rating based on 13 Buys, 12 Holds, and nine Sells assigned in the last three months. At $285.73, the average Tesla price target implies a 9.88% downside potential. The stock has declined 23.21% over the past six months.
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