Tesla's (TSLA) Sales in the U.K. and Germany Plunge 50% as Chinese Rival Gains Ground
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Tesla's sales were down more than 50% in the key markets of the United Kingdom and Germany in July, according to industry data. Specifically, data published by the U.K.'s Society of Motor Manufacturers and Traders (SMMT) showed that Tesla's new car sales fell nearly 60% to 987 units last month, down from 2,462 a year earlier.
In Germany, Tesla's electric vehicle sales fell to 1,110 units during July, down 55% from the same month in 2024. The number of Tesla's sold in Europe's largest economy between January and July plunged by 58% to 10,000 units, data from road traffic agency KBA shows. At the same time, China's EV giant BYD (BYDDF) saw growth of more than 300% in two of Europe's biggest car markets.
BYD Sales Explode
BYD, which is one of Tesla's main rivals, sold 3,184 electric vehicles in the U.K. in July, more than quadrupling its sales from a year ago. The company saw similar success in Germany, notching year-over-year sales growth of 390%.
The July sales figures show a continued decline in Tesla's European sales, which have suffered from a backlash over CEO Elon Musk's politics and as competition for electric vehicles intensifies. Data recently published by the European Automobile Manufacturers Association found that Tesla has lost market share in Europe for six consecutive months.
Is TSLA Stock a Buy?
The stock of Tesla has a consensus Hold rating among 36 Wall Street analysts. That rating is based on 13 Buy, 15 Hold, and eight Sell recommendations issued in the last three months. The average TSLA price target of $305.37 implies 0.91% upside from current levels.
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