Tesla (NASDAQ:TSLA) European Sales Plunge Again in February
Tesla's (TSLA) dismal start to the year in Europe continued as sales plunged over 40% last month as the company was rocked by tougher competition in the electric vehicle market and antipathy towards CEO Elon Musk.
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Combined Tesla new car registrations in the European Union, the European Free Trade Association and the UK slid 40.1% year-on-year in February to 16,888 units, according to the European Automobile Manufacturers' Association. The data broadly confirmed earlier reports from JATO Dynamics.
Tesla Market Share Collapses
Market share in the region shrank to from 2.8% to 1.8% and the decline for Tesla, which comes after a similar 45% slump in sales in January, was set against a healthy market that saw EV registrations in Europe grow 26.1% year-on-year in February.
Tesla is facing increasingly tough competition, particularly from Chinese EV players like SAIC, which saw sales in the region leap more than 26% last month. Meanwhile, Musk's close ties to the White House and support for right-wing parties such as the AfD in Germany has sparked a backlash in Europe and elsewhere, with a slew of arson attacks on Tesla showrooms highlighting how tensions have flared.
Among the other automakers, Volkswagen (VWAGY) saw its sales rise 4% in February, while Chrysler-owner Stellantis (STLA) posted a 16.2% decline in sales. Ford (F) sales were down 5.8%, while Renault (RNLSY) enjoyed a 10.8% rise in sales from the same month a year before.
Within just the European Union, across the first two months of 2025, new battery-electric car sales grew by 28.4%, to 255,489 units, capturing 15.2% of total market share. Overall, new EU car registrations declined by 3% compared to the same period in 2024.
Is Tesla a Buy, Sell, or Hold?
On Wall Street, analysts have a Hold consensus rating on TSLA stock based on 14 Buys, 11 Holds, and 11 Sells assigned in the past three months. The average TSLA price target of $335.32 per share implies about 20% upside potential.
See more TSLA analyst ratings
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Vancouver Sun
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Updated: Minister raises concerns over B.C. Ferries' deal with Chinese shipyard
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If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Farnworth's remarks came hours after the announcement by B.C. Ferries CEO Nicolas Jimenez that the Chinese shipyard had been chosen to build its vessels, with the first expected to come into service in 2029 and the others following in six-month intervals. Jimenez said he wasn't worried about geopolitical tensions between Canada and China, adding his primary focus was getting the province a good deal. 'Customers expect us to go source the best possible deal, (the) highest quality, a yard that provides safety, a yard that provides the highest in standards when it comes to oversight (and) labour, and to get the best cost,' he said at a news conference Tuesday. 'When it comes to things like trade policy, industrial policy, geopolitics, I think we would really defer that to the federal and provincial governments and expect them to manage and work those issues.' He said in a news release that the shipyard was 'the clear choice based on the overall strength of its bid.' It said Weihai Shipyards has built vessels for Canada's Marine Atlantic ferry company and other operators such as Corsica Linea and Brittany Ferries of France. Canada and China are engaged in a trade dispute, with Beijing imposing retaliatory tariffs on Canadian canola and meal, peas and seafood after Ottawa slapped levies on Chinese-made electric vehicles, steel and aluminum. Jimenez said Tuesday that there are currently no tariffs associated with the import of vessels of this type into Canada and tariff disputes didn't factor into the decision. B.C. Ferries is not releasing the value of the contract other than Jimenez saying it fits within the budget approved by the B.C. Ferries Commissioner earlier this year. He said releasing the deal before the project is complete could put future procurements at risk. The corporation has said it expects to spend up to about $5 billion replacing both major and smaller vessels by 2034. 'To protect B.C. Ferries and our customers, we've structured the contract in a way that reduces our risk while increasing shipyard accountability. Most of the payment is tied to delivery, and that means the shipyard doesn't get fully paid until the vessels are delivered and meet the rigorous standards that we've laid out in the contract,' he said. 'There are also measures like refund guarantees and fixed price terms that will further protect B.C. Ferries and our customers.' B.C. Ferries' head of fleet renewal, Ed Hooper, said no Canadian companies bid on the ships that will carry about 52 per cent more passengers and 24 per cent more vehicles than the ferries they are replacing. Jimenez said 60 per cent of the world's ships are built in China, and B.C. Ferries did due diligence to make sure it understood the 'technical and delivery and country risks associated with making this decision.' B.C. Ferries said it will have its own team of experts at the shipyard throughout construction to provide oversight and quality assurance. In a statement, the Opposition B.C. Conservatives accused Premier David Eby of 'abandoning Canadian workers' by awarding a 'multibillion-dollar' contract to a Chinese state-owned enterprise. The oldest ferry being replaced is the Queen of New Westminster, built in 1964, while the Queen of Cowichan, Queen of Alberni and Queen of Coquitlam all turn 50 next year. B.C. Ferries had hoped to buy five new vessels and bring its fleet size from 10 to 11 but earlier this year the provincial regulator rejected the pitch, saying a fifth ferry 'is not in the public interest' as it is 'not essential for safe and reliable service and is not fiscally prudent.' The parent company of China Merchants Industry Weihai Shipyards is China Merchants Industry Holdings. The conglomerate's website describes it as a 'centrally administrated state-owned' enterprise with more than a 100 years of history, making it one of the oldest 'Chinese-funded enterprises' in existence. The website says the company is based in Hong Kong and operates nine major shipyards across the Chinese coast as well as overseas subsidiaries and agencies in countries such as Finland and Germany.
Vancouver Sun
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China tariffs bite into B.C. spot prawn season, but foodies queue for kiss of the sea
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B.C.'s spot prawn season is ending this week, with live prawns selling at around $20 to $25 a pound. This spring's season began in mid-May and lasted less than a month. Domestic buyers like Jang make up only a small share of the market, but this year it was an important one, with China's 25 per cent tariffs on Canadian seafood putting a pinch on exports. China has recently bought more than 80 per cent of B.C.'s prawn exports, and Christina Burridge, executive director of the B.C. Seafood Alliance, said the March 20 tariffs were a 'real problem' for fishermen and exporters. 'Chinese customers don't want to pay that tariff. So, they expect that the fishermen here and the exporters will reduce their prices by at least 25 per cent, but it's impossible,' said Burridge. Mike Atkins, executive director with the Pacific Prawn Fishermen's Association, said the Chinese tariffs were the latest burden on fishermen, as the cost of bait and fishing supplies increased. 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Among those patiently waiting for a meal was a heron that the fishermen said was named Frank, prowling the wharf, and a plump harbour seal named Sparky, bobbing in the water and waiting for a handout. McDonald has spent 20 years harvesting spot prawns and selling them at the wharf. He said he can't complain about the market due to huge demand from loyal local customers queuing for a taste. Spot prawn season didn't use to be a big deal, but now it's celebrated, said McDonald. 'It's kind of like turned into a social event, like go wine-tasting or pick apples or berries,' he said. 'People look forward to this prawn season because it's only a short time, and it's earlier than most of the crops. The berries and the fruit hasn't come out yet, but the prawns are incredible … and people love them.' McDonald pointed out a particularly loyal customer, Dragon Watanabe, dragging a five-pound bucket of prawns to his car. He said he was buying for his uncle's restaurant — and issued a spontaneous invitation to see them prepared by 'a legend.' Watanabe's uncle, it turns out, is 75-year-old chef Hidekazu Tojo, reputed as the inventor of the California roll, and one of the most famous Japanese chefs in Canada. His restaurant, Tojo's, goes through 20 to 25 pounds of spot prawns from McDonald's boat each day during the season. 'Stewart brought us very high-quality ingredients, that's why I respect him, we are good friends,' said Tojo of a 20-year relationship that has included going out on McDonald's boat. In the kitchen, Tojo dropped three prawns into a pot of boiling water for precisely one minute and 45 seconds — any longer and the meat would be tough, he said. He lifted them out and gently peeled them, dressing them with a vinaigrette of cilantro and minced jalapeno and plating them with a few slices of melon. There's subtle heat from the jalapeno, in contrast to the slight sweetness of the prawns. 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Vancouver Sun
4 hours ago
- Vancouver Sun
B.C. Ferries selects Chinese state-owned shipyard to build new major vessels
B.C. Ferries has selected a Chinese state-owned shipyard to build its next generation of major vessels. The ferry company announced Tuesday that China Merchants Industry Weihai Shipyards was chosen to build its four new major vessels following a global procurement process that began in 2021 and included international site visits and third-party reference checks. B.C. Ferries CEO Nicolas Jimenez said CMI Weihai was selected because the company is a global leader in passenger-ferry construction and shipbuilding. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'It was the clear choice based on the overall strength of its bid, including its technical capabilities, high-quality and safety standards, ferry-building experience, proven ability to deliver safe, reliable vessels on dependable timelines, and the overall cost and value it delivers for our customers — all essential as we continue to experience growing demand and the urgent need to renew our aging fleet,' Jimenez said in a statement. The four major vessels are expected to be in service by 2031, replacing aging vessels in the B.C. Ferries fleet. B.C. Ferries did not disclose the costs of the four vessels in the announcement, but said the final price was within the approval limits provided by the B.C. Ferries Commissioner. Disclosing the cost could compromise B.C. Ferries' ability to get good deals on future procurement, it said. The corporate has said it expects to spend up to about $5 billion replacing both major and smaller vessels by 2034. Ed Hooper, B.C. Ferries' head of fleet renewal, said the ferry company will be stationing a team of about 20 staff and contractors at CMI Weihai's shipyard throughout construction to provide oversight and ensure quality. CMI Weihai has worked with major shipbuilding companies such as Sweden's Stena RoRo and Italy's Grimaldi lines to provide ferry vessels, and has built vessels for Marine Atlantic Ferry Company, the federal government company that operates a ferry line between Newfoundland and Nova Scotia. Hooper said his staff inspected the shipyard during the selection process and that B.C Ferries is confident CMI Weihai will be able to meet safety and quality standards while delivering the vessels on time, calling the scale and scope of the operations 'impressive.' He said CMI Weihai, one of 20 shipyards determined to be qualified to take the order, has many years of expertise in building the roll-on, roll-off vessels that B.C. Ferries wanted. 'This shipyard has everything that we are looking for,' he said. Colin Cooke, president and chief executive of the Canadian Marine Industries and Shipbuilding Association, earlier called for governments to prohibit government entities and corporations from buying or leasing Chinese-built vessels to protect Canadian industry and national security and to ensure that human rights and ethical business practices are upheld. In a statement last year, Cooke called for a 100 per cent tariff on Chinese-built ships imported into Canada — similar to those imposed on Chinese-built electric vehicles. He said in the statement that China's shipbuilding industry operates under a doctrine where commercial ship exports are subsidized to strengthen the country's military capabilities. 'The very shipyards that produce ferries and cargo vessels for the global market are also used to construct warships,' Cooke said. As 'China's navy continues to grow, it increasingly uses its fleet to challenge Canadian interests and those of our allies in regions extending even to our own Arctic waters.' Mike Corrigan, chief executive officer of Interferry, an international ferry organization, said the vast majority of his association's members have shifted their large ferry orders to Chinese shipyards, as there are few remaining shipyards outside China that still have the desire, expertise and infrastructure required to build and provide support for ferries with large vehicle and passenger capacities. No Canadian shipbuilder submitted bids for B.C. Ferries' latest vessel-construction contract. The ferry company's Island-class electric vessels were built in Romania and its Salish-class vessels were built in Poland. The three Coastal-class vessels — Inspiration, Renaissance and Celebration — were built in Germany at a total cost of more than $500 million. Seaspan, which owns the province's largest shipyards, has said in the past it cannot compete with companies based in low-wage countries that have lower employment, environmental and safety standards, and it had hoped some of the new vessels B.C. Ferries is looking to build would be made in B.C. Based out of the major shipbuilding city of Weihai in Shandong province, China Merchants Industry Weihai Shipyards has been owned by China Merchants Group since 2019. The state-run conglomerate was founded in 1872 during the Qing Dynasty as a merchant house and has since become a pivotal player in China's economy, with sprawling subsidiary operations in transportation, finance, and property. B.C. Ferries said the four vessels will bring more than $230 million into the local marine economy through refits and scheduled maintenance in the first 10 years of service. The vessels, which are expected to last for 45 years, will need more than $1 billion worth of maintenance and refits over their lifespans.
