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Yahoo
8 hours ago
- Automotive
- Yahoo
Tesla Losing Steam in Europe: What's Impeding Its Growth?
Tesla's TSLA car sales dropped significantly in several European countries in May, which marks the fifth straight month of declines. This downturn has been attributed to CEO Elon Musk's political controversies and an aging vehicle lineup. Sweden and Portugal saw some of the steepest declines, where Tesla's new car sales fell 53.7% and 68% year over year, respectively. However, overall EV sales in those countries increased by about 25%. Tesla sales also fell 30.5% in Denmark, 36% in the Netherlands, 19% in Spain and 67% in France, according to recent data. However, Norway stood out as an exception where Tesla sales soared 213% in May, thanks to the introduction of updated Model Y SUVs. Sales of both new and previous versions of the Model Y surged to 2,346 units from 690 in May 2024. Although the new Model Y is already available for order in many European markets, deliveries of the most affordable variant, historically Tesla's top seller, are only expected to begin this month in countries like Germany, the United Kingdom, France and Italy. As a result, the number of orders in May has yet to show up in sales data. To stimulate demand, TSLA has been offering various financial incentives in Sweden, Germany, Britain and France. It is also offering interest-free loans for the new Model Y in Norway. Tesla has been facing tough competition from local and Chinese auto makers in Europe. TSLA carries a Zacks Rank #5 (Strong Sell) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. In Europe, total sales of BYD Company Limited BYDDY, a Chinese EV maker, surged 359% year over year in April. BYD surpassed Teslain EV sales in Europe for the first time in April, overtaking the long-time market leader in the region. Per Jato Dynamics, BYD registered 7,231 new battery-electric vehicles in April, up 169% from the same time last year, earning it a spot among the top 10 EV brands in Europe. Tesla registered a drop of 49%, placing it one spot back. In April, Volkswagen AG VWAGY, a German auto manufacturer, gained 1.1% market share in Europe. It led the European EV market in April 2025. Volkswagen's subsidiaries, Skoda and Audi, also saw notable growth in the battery electric vehicle segment. The Skoda Elroq emerged as the top-selling all-electric model in Europe in April, validating the brand's strategy to introduce the SUV-sized Elroq in the niche between the B and C segments. The Elroq was followed by Volkswagen's ID3, ID7 and ID4 models. Tesla has underperformed the Zacks Automotive – Domestic industry and the Auto, Tires and Truck sector year to date. Tesla has lost 15.1% compared with the industry and sector's decline of 14.2% and 9.6%, respectively. Image Source: Zacks Investment Research The Zacks Consensus Estimate for 2025 and 2026 EPS has moved down 13 cents and 16 cents, respectively, in the past 30 days. Image Source: Zacks Investment Research From a valuation perspective, Tesla appears overvalued. Going by its price/sales ratio, the company is trading at a forward sales multiple of 10.56, higher than its industry's 2.77. Image Source: Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tesla, Inc. (TSLA) : Free Stock Analysis Report Volkswagen AG Unsponsored ADR (VWAGY) : Free Stock Analysis Report Byd Co., Ltd. (BYDDY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Kuwait Times
28-05-2025
- Automotive
- Kuwait Times
Tesla EU sales slump by 53%
PARIS: Sales of cars made by Elon Musk's Tesla slumped by more than half in April as Chinese electric carmakers saw their share surge, the continent's manufacturing association said Tuesday. While sales of electric cars rose overall in the 27 European Union nations, Tesla's share fell dramatically amid the spotlight on Musk's work with US President Donald Trump and the US company's ageing range. The European Automobile Manufacturers' Association (ACEA) said Tesla sales in April fell to 5,475 cars, down 52.6 percent from the same month last year. In the first four months of 2025, Tesla sales have fallen 46.1 percent against the same period last year to 41,677 cars. Once the standout leader in electric car sales, Tesla was overtaken in April by 10 rivals including Volkswagen, BMW, Renault and Chinese automaker BYD, according to JATO Dynamics consultants. Tesla announced in April that its worldwide sales in the first quarter had fallen 13 percent, increasing pressure on Musk, though the company partly blamed lost production amid an upgrade to its Model Y standard-bearer. Musk has since announced he will reduce his work helping Trump slash US government spending and last week said that Tesla sales were 'doing well'. Hybrid leaders Skoda's new Elroq led electric car sales while Tesla's Model Y, the former frontrunner, came ninth. Sales of electric cars overall rose 26.4 percent from last year to take a 15.3 percent share of the market in April, according to the ACEA. The rise is uneven across Europe as different governments and manufacturers give different incentives to buy electric. Germany, Belgium, Italy and Spain have seen a major rise while electric car sales in France have fallen. 'The share of battery-electric vehicles is slowly getting momentum, but growth remains incremental and uneven across EU countries,' said Sigrid de Vries, ACEA's director general. 'In order for battery-electric vehicles to become a mainstream choice, it is essential that governments continue to implement the necessary enabling conditions, such as purchase and fiscal incentives, recharging infrastructure and electricity prices. 'The sustained popularity of hybrid vehicles among consumers also shows the merit of keeping a technology-neutral approach,' she added. Sales of hybrid cars with a small electric battery still dominate the European market, rising 20.8 percent since the start of the year, while petrol-only cars have fallen 20.6 percent over the same time. The Volkswagen group remains the top brand in Europe, with sales up 2.9 percent in April. But Chinese brands were a major factor in the popularity of electric and hybrid cars, according to JATO and have 7.9 percent of the European market. The BYD, MG, Xpeng and Leapmotor brands saw sales rise 59 percent over the year in electric and hybrid sales, while other manufacturers put on 26 percent. JATO expert Felipe Munoz said it remains to be seen whether the European Union imposes tariffs on Chinese hybrid cars as it has for electric vehicles. - AFP
Qatar Tribune
27-05-2025
- Automotive
- Qatar Tribune
Tesla EU sales slump by 53%
Agencies Sales of cars made by Elon Musk's Tesla slumped by more than half in April as Chinese electric carmakers saw their share surge, the continent's manufacturing association said Tuesday. While sales of electric cars rose overall in the 27 European Union nations, Tesla's share fell dramatically amid the spotlight on Musk's work with US President Donald Trump and the US company's ageing range. The European Automobile Manufacturers' Association (ACEA) said Tesla sales in April fell to 5,475 cars, down 52.6 percent from the same month last year. In the first four months of 2025, Tesla sales have fallen 46.1 percent against the same period last year to 41,677 cars. Once the standout leader in electric car sales, Tesla was overtaken in April by 10 rivals including Volkswagen, BMW, Renault and Chinese automaker BYD, according to JATO Dynamics consultants. Tesla announced in April that its worldwide sales in the first quarter had fallen 13 percent, increasing pressure on Musk, though the company partly blamed lost production amid an upgrade to its Model Y standard-bearer. Musk has since announced he will reduce his work helping Trump slash US government spending and last week said that Tesla sales were 'doing well'. Skoda's new Elroq led electric car sales while Tesla's Model Y, the former frontrunner, came ninth. Sales of electric cars overall rose 26.4 percent from last year to take a 15.3 percent share of the market in April, according to the ACEA. The rise is uneven across Europe as different governments and manufacturers give different incentives to buy electric. Germany, Belgium, Italy and Spain have seen a major rise while electric car sales in France have fallen. 'The share of battery-electric vehicles is slowly getting momentum, but growth remains incremental and uneven across EU countries,' said Sigrid de Vries, ACEA's director general. 'In order for battery-electric vehicles to become a mainstream choice, it is essential that governments continue to implement the necessary enabling conditions, such as purchase and fiscal incentives, recharging infrastructure and electricity prices. 'The sustained popularity of hybrid vehicles among consumers also shows the merit of keeping a technology-neutral approach,' she added. Sales of hybrid cars with a small electric battery still dominate the European market, rising 20.8 percent since the start of the year, while petrol-only cars have fallen 20.6 percent over the same Volkswagen group remains the top brand in Europe, with sales up 2.9 percent in April. But Chinese brands were a major factor in the popularity of electric and hybrid cars, according to JATO and have 7.9 percent of the European market. The BYD, MG, Xpeng and Leapmotor brands saw sales rise 59 percent over the year in electric and hybrid sales, while other manufacturers put on 26 percent. JATO expert Felipe Munoz said it remains to be seen whether the European Union imposes tariffs on Chinese hybrid cars as it has for electric vehicles.
Mint
27-05-2025
- Automotive
- Mint
Tesla's Europe sales hit a bump in April: How Elon Musk's politics, ageing model lineup put EV major in slow lane
Electric vehicle maker Tesla's car sales across Europe fell by half in April, according to data released on Tuesday, May 27, by the European Automobile Manufacturers' Association (ACEA). The latest data indicates how much the Tesla brand is suffering because of the backlash against billionaire CEO Elon Musk over his far-right views. As per ACEA data, sales of Tesla vehicles in 32 European countries plunged 49 per cent to 7,261 last month from 14,228 in the same period a year ago. The EV maker has been reeling from protests and boycotts over Musk wading into politics, but it also faces other factors including an aging model lineup and intensifying competition from rival electric vehicle brands. It appears to be losing ground to cut-price Chinese companies, such as SAIC. Sales at SAIC zoomed up 54 per cent in April. The Chinese company owns a slew of auto brands including UK-based MG, known for its low-cost EV models. For the first four months of the year, Tesla's European sales fell roughly 39 per cent to 61,320 while the continent's auto market as a whole showed little change during the same period, according to the data. Tesla is also suffering because it had to shut down factories for several weeks this year while upgrading its best-selling Model Y sport utility vehicle, pinching supply. Earlier in April, Tesla announced that its worldwide sales in the first quarter had fallen 13 per cent, increasing pressure on Musk, though the company partly blamed lost production amid an upgrade to its Model Y. Musk has since announced that he will reduce his work helping President Donald Trump slash US government spending. Last week, he had said that Tesla sales were "doing well". Skoda's new Elroq led electric car sales while Tesla's Model Y, the former frontrunner, came ninth. The Volkswagen group remains the top brand in Europe, with sales up 2.9 per cent in April. Sales of electric cars overall rose 26.4 per cent from last year to take a 15.3 per cent share of the market in April. In a statement, ACEA's director general Sigrid de Vries said: "The share of battery-electric vehicles is slowly getting momentum, but growth remains incremental and uneven across EU countries." "In order for battery-electric vehicles to become a mainstream choice, it is essential that governments continue to implement the necessary enabling conditions, such as purchase and fiscal incentives, recharging infrastructure and electricity prices, " said Vries.
Time of India
27-05-2025
- Automotive
- Time of India
Tesla EU sales plunge 53% in April as Chinese electric carmakers surge, says trade group
Sales of Tesla vehicles in the European Union fell sharply in April, dropping more than half compared to the previous year, amid rising competition from Chinese electric carmakers, the continent's automobile manufacturers' association reported Tuesday. The European Automobile Manufacturers' Association (ACEA) revealed that Tesla sold 5,475 cars across the 27 EU countries in April—a decline of 52.6 percent year-on-year. For the first four months of 2025, Tesla's sales dropped 46.1 percent to 41,677 vehicles compared to the same period last year, AP reported. Once a clear leader in the electric vehicle (EV) market, Tesla was overtaken in April by 10 competitors, including Volkswagen, BMW, Renault, and Chinese automaker BYD, according to consultancy JATO Dynamics. Tesla had earlier announced a 13 percent decline in global sales during the first quarter of 2025, attributing part of the drop to production disruptions caused by upgrades to its Model Y model. Despite these challenges, Elon Musk recently stated that Tesla's sales were 'doing well' and announced he would reduce his involvement in helping former US President Donald Trump with government spending cuts. Hybrid vehicles still dominate as EV sales rise unevenly Skoda's new Elroq led electric vehicle sales in the EU, while Tesla's Model Y, previously a market frontrunner, ranked ninth in April. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mountain Gear for Extreme Conditions Trek Kit India Learn More Undo Electric vehicle sales across the EU increased by 26.4 percent year-on-year in April, capturing 15.3 percent of the market, ACEA reported. However, growth was uneven, with countries like Germany, Belgium, Italy, and Spain showing significant gains, while France saw a decline in EV sales. Sigrid de Vries, ACEA's director general, said, 'The share of battery-electric vehicles is slowly gaining momentum, but growth remains incremental and uneven across EU countries. For battery-electric vehicles to become mainstream, governments must continue implementing enabling measures such as purchase incentives, fiscal support, recharging infrastructure, and managing electricity prices.' Hybrid cars, which combine a small electric battery with traditional engines, continue to dominate the European market. Their sales rose 20.8 percent since the start of the year, while petrol-only car sales fell by 20.6 percent. Chinese brands make strong gains in European market Volkswagen remains Europe's top-selling brand, with sales up 2.9 percent in April. Meanwhile, Chinese automakers have made significant inroads in both electric and hybrid segments, now holding 7.9 percent of the EU market, according to JATO. Brands such as BYD, MG, Xpeng, and Leapmotor saw a 59 percent increase in sales over the year, outpacing the 26 percent growth of other manufacturers. JATO expert Felipe Munoz noted that the future of Chinese hybrid car sales in Europe might depend on whether the EU imposes tariffs similar to those on Chinese electric vehicles. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
