&w=3840&q=100)
Tesla sales slump again in Europe despite revamped Model Y rollout
Tesla's aging lineup is facing a wave of low-cost EV rivals, especially from China. It is rolling out a revamped Model Y and starting to produce a new, cheaper model, but production of that will only ramp up next quarter, later than initially expected.
The brand's registrations - a proxy for sales - fell 86% year-on-year in July to 163 cars in Sweden, 52% to 336 cars in Denmark, 27% to 1,307 in France, 62% to 443 in the Netherlands and 58% to 460 in Belgium, official industry data showed, marking a seventh straight monthly drop in all of those countries.
They also fell by 5% to 457 cars in Italy and 49% to 284 in Portugal.
Tesla sales dropped by over a third in Europe in the first six months of the year.
Norway and Spain bucked the trend, with Tesla's July registrations up 83% and 27% to 838 cars and 702 cars, respectively.
Spain recorded a 155% jump in total sales of electrified cars - either battery electric or plug-in hybrid. Tesla's Chinese competitor BYD sold 2,158 cars in Spain in July, almost eight times more than in July 2024.
With no more affordable-end vehicles on the horizon until the last three months of the year and the upcoming end of a $7,500 US tax break for EV buyers, Musk acknowledged in July that Tesla could have "a few rough quarters".
He said tough automated driving regulations in Europe made it harder to sell the Model Y in some countries, as the vehicle's optional supervised self-driving is "a huge selling point".
"Our sales in Europe, we think will improve significantly once we are able to give customers the same experience that they have in the US," he told analysts.
Tesla began selling a long-range four-wheel version of the revamped Model Y in Europe in March 2025, while sales of the two rear-wheel drive variants began in May.
Model Y registrations in Sweden and Denmark fell by 88% and 49% respectively in July, while they jumped more than fourfold to 715 cars in Norway.
Norway, where almost all new cars sold are fully-electric and where Tesla has been the best-selling brand since 2021, has seen a surge in orders for the model since May after the automaker launched 0% interest loans in some Nordic countries to drum up demand.
Tesla launched in June a trial robotaxi service in Austin, Texas, using about a dozen Model Y SUVs controlled by its autonomous-driving software. But the roll-out of its self-driving features elsewhere in the US is bogged down because it hasn't received the required permits.
Overall car sales were up 20% in Denmark, 6% in Sweden, 48% in Norway, 17% in Spain, 9% in the Netherlands and 21% in Portugal, while they slid 8% in France, 5% in Italy and 2% in Belgium in July, industry data showed.
Germany and the UK are expected to release July car sales next week.
European automakers Volkswagen, Mercedes-Benz , Stellantis, Renault and BMW have published downbeat second-quarter results, warning of pressure from US import tariffs and falling demand.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
19 minutes ago
- Time of India
Lyft misses quarterly revenue estimates on competition, weak US travel demand
Lyft missed second-quarter revenue estimates on Wednesday, pressured by mounting competition from Uber and softening U.S. travel demand, sending its shares down 7 per cent in after-hours trading. Larger rival Uber Technologies, which offers ride-hailing, food and grocery delivery business globally, beat revenue estimates and issued an upbeat forecast for the third-quarter earlier in the day. Demand for travel to the U.S. has fallen this year, and analysts expect the slump to continue through 2025 as economic uncertainty, trade tensions and visa backlogs make the country less appealing to international visitors. Lyft, which is expanding beyond its North America, posted revenue of $1.59 billion in the second quarter, missing estimates of $1.61 billion, according to data compiled by LSEG. Rides on its platform grew 14 per cent to a record high of 234.8 million, slightly below estimates of 235.9 million, according to 27 analysts polled by Visible Alpha. Lyft recently completed its nearly $200 million acquisition of European mobility platform FreeNow and has signed a deal with China's Baidu to introduce the search engine giant's robotaxis in the region. Meanwhile, Uber, which has 20 global partnerships for self-driving technology, said it was in talks with private equity firms and banks to finance the deployment of robotaxis. Lyft on Wednesday also announced a partnership, set to launch later this year, with United Airlines that will allow the carrier's customers to earn rewards on all Lyft rides. With partnerships including DoorDash and Chase already in place, Lyft's entry into Europe positions the company to extend such collaborations into international markets. Lyft said it expects gross bookings to be between $4.65 billion and $4.80 billion for the third quarter, well above estimates of $4.59 billion. The company also reported earnings of 10 cents per share for the June quarter, more than double analysts' expectations of 4 cents. With growth stagnating in major U.S. metros, ride-hailing companies are shifting their focus to medium and smaller car-dependent cities to tap into new markets and drive revenue. Lyft recorded an adjusted core earnings of $129.4 million in the second quarter, above the average estimate of $124.5 million. It forecast current-quarter core earnings of $125 million to $145 million, largely in line with Wall Street estimates.
Time of India
19 minutes ago
- Time of India
Uber in talks with banks, private equity firms to fund robotaxi expansion
Uber is in talks with private equity firms and banks to secure funds to build its robotaxi business, CEO Dara Khosrowshahi said, as the ride-hailing giant bets on a mass roll-out of the nascent and much-scrutinized technology. Uber, which offers robotaxis from Alphabet-owned Waymo , has been strengthening its foothold in the self-driving taxi industry through partnerships with automakers such as Volkswagen and Lucid, just as Tesla seeks to expand its fledgling robotaxi business. Khosrowshahi on Wednesday pitched the tie-ups as part of a larger plan that involves three robotaxi business models: paying partners that own such vehicles a fixed rate, sharing revenue with fleet operators and owning vehicles while licensing software for self-driving technology. "We are talking to private equity players, we have talked to banks," the CEO said. "Once we prove the revenue model, how much these cars can generate on a per day basis, there will be plenty of financing to go around." For now, Uber said it was planning on using a "modest" portion of its around $7 billion in annual cash flows to fund deployments. It might also sell minority stakes in companies to aid the expansion, it said. Analysts have said that mass robotaxi deployment could lower driver-reliant Uber's operating costs and boost profitability. The company has been offering Waymo robotaxis on its ride-hailing app in Austin, Texas and Atlanta, Georgia. In April, Uber entered a deal with Volkswagen for thousands of autonomous electric vans in the United States over the next decade. It also struck a $300 million partnership in July that will allow it to deploy more than 20,000 autonomous taxis, made by EV startup Lucid and powered by self-driving tech from Nuro, over six years. Despite strong regulatory scrutiny, doubts about wider adoption, and high costs forcing many firms to shut down, Tesla and Waymo have been pushing to expand robotaxi services, a business Elon Musk has said could be worth trillions of dollars. Waymo is present in five U.S. cities, including San Francisco, while Tesla launched a limited robotaxi service in Austin in June and started ride-hailing operations in the Bay Area last month. Uber said it has not yet seen any changes in demand trends in Austin or San Francisco since Tesla's services were launched in the cities. "To a lot of these companies, it does seem this will be a worthwhile endeavor ... as there are lofty predictions about the robotaxi industry's total addressable market," said Ken Mahoney, CEO of Mahoney Asset Management.
Time of India
19 minutes ago
- Time of India
Donald Trump's 2025 tariff timeline: India, China, EU among 69 countries facing heat over oil, tech and power moves
Since returning to office, US President Donald Trump has reignited aggressive trade actions through a series of escalating tariff announcements. His latest move, a 25% tariff on Indian goods due to their links with Russian oil is the most recent in a line of decisions that have rattled markets and international relations. Here's a full breakdown of Trump's tariff rollout since January 20, mapped through key dates and agreements. Initial tariff wave targets Mexico, Canada, and China Trump began his tariff actions on February 1, applying 25% duties on most imports from Mexico and Canada, and a 10% rate on Chinese goods. He cited drug control and immigration issues as the rationale. Two days later, a temporary 30-day pause on tariffs was granted to Mexico and Canada in exchange for commitments on border enforcement. China did not receive a similar arrangement. On February 10, Trump increased steel and aluminum tariffs to 25%. In early March, he confirmed 25% duties on goods from Mexico and Canada starting March 4, while doubling fentanyl-related tariffs on Chinese imports to 20%. A brief exemption for Canadian and Mexican goods under a North American pact followed on March 6. Later that month, he introduced a 25% tariff on imported vehicles and light trucks. Blanket tariffs, temporary truces, and bilateral deals On April 2, Trump imposed a 10% base tariff on all imports globally, while raising duties for selected countries. Seven days later, most country-specific tariffs were paused for 90 days, though the blanket duty remained. Trump proposed a hike on Chinese imports from 104% to 125%, potentially pushing duties to 145%. In May, a limited deal with UK Prime Minister Keir Starmer preserved 10% duties on British goods while reducing auto tariffs. A truce with China on May 12 cut US duties on Chinese goods to 30%, while China reduced tariffs on US imports from 125% to 10%. #WATCH | Delhi: On US President Donald Trump's imposition of an additional 25% tariff on India's purchase of Russian oil, Congress MP Shashi Tharoor says, "It will definitely have an impact because we have a trade of $90 billion with them, and if everything becomes 50% more… Trump warned Apple on May 23 of a 25% tariff if production remained offshore. On May 29, a federal appeals court reinstated broader tariff powers after an earlier court ruling had suspended them. Global tariff expansion and India in focus On June 3, steel and aluminum tariffs were raised to 50%. By July 3, a 20% tariff was introduced on Vietnamese exports, with 40% levied on trans-shipped goods. On July 6, Trump posted on Truth Social that Brics-aligned countries would face an extra 10% tariff. July 7 brought letters to 14 nations including Japan and South Korea warning of tariffs between 25% and 40% starting August 1. Additional tariffs were then announced: 35% on Canadian goods (July 10), 19% on Indonesian products (July 15), and 15% on Japanese auto imports (July 22). Trade deals followed with the EU (15% tariff, July 27) and South Korea (reduced tariffs to 15%, July 30). On the same day, Trump imposed a 25% tariff on Indian goods and 50% on most Brazilian imports, while giving softer terms to some sectors. A 50% duty on copper wiring and pipes was also scheduled for August 1. Donald Trump's 'substantial tariff' plan for India! #TrumpTariffs By July 31, he signed an executive order imposing tariffs ranging from 10% to 41% on 69 trading partners. A separate order raised fentanyl-linked tariffs on Canadian goods from 25% to 35%. Mexico received a 90-day reprieve from a 30% tariff to allow trade negotiations. On August 6, Trump finalized a 25% tariff on Indian goods, citing indirect imports of Russian oil as the reason.
