TLDR
- Tesla’s European vehicle registrations fell 48.5% to 6,964 units in October
- BYD registered 17,470 vehicles in Europe, jumping 206.8% year-over-year
- Tesla’s market share dropped from 1.3% to 0.6% while BYD’s grew to 1.6%
- Chinese sales hit a three-year low adding to Tesla’s global challenges
- Wall Street maintains Hold consensus with average target at $383.37
Tesla posted troubling European sales figures for October. The company registered 6,964 vehicles across the EU, Euro free trade region, and the UK.
This marks a 48.5% decline from October 2024. The European Automobile Manufacturers Association released the data Tuesday.
Market share tells an even starker story. Tesla now holds just 0.6% of the European market, down from 1.3% last year.
BYD delivered contrasting results. The Chinese manufacturer registered 17,470 vehicles in Europe during October, soaring 206.8% compared to last year.
BYD’s market share tripled to 1.6% from 0.5% in October 2024. The company now outsells Tesla in the region by a factor of 2.5.
Europe’s overall car market grew 4.9% to reach 1.09 million units. Hybrid electric vehicles dominated with 373,171 units sold, up 7.5%.
Global Pressure Mounts
Tesla’s struggles extend across continents. Chinese sales dropped to their lowest point in three years during October.
Competition from Nio and Li Auto has intensified. Ongoing price wars and economic weakness add to the pressure.
Shares fell approximately 1% in early Tuesday trading following the European data. September had shown improvement after the Model Y refresh launch.
Recent product updates haven’t reversed the trend. Low-cost Model Y and Model 3 variants failed to stimulate buyer interest.
Political factors may be weighing on sales. A Global EV Alliance poll found 41% of drivers avoiding Tesla over political concerns.
This avoidance peaks in the U.S. and Germany markets, survey data shows.
Chinese Automaker Breaks Through
BYD continues expanding internationally despite obstacles. The company maintains European growth even after the bloc imposed steep tariffs on Chinese EVs in 2024.
Plug-in hybrid offerings help BYD navigate import taxes. The strategy works because hybrids dominate Europe’s current market mix.
Traditional European brands posted modest gains. Volkswagen and Stellantis each increased sales by single digits year-over-year.
Renault performed better with 10.6% growth. Germany and UK markets led the regional expansion.
Tesla is pivoting toward autonomous technology. Last week brought the latest full self-driving software release.
Competition with Alphabet’s Waymo is heating up. Both companies are racing to dominate the robotaxi market.
Wall Street Remains Cautious
Analysts give Tesla a Hold rating currently. The consensus breaks down to 14 Buys, 10 Holds, and 10 Sells from 34 analysts over three months.
The average price target of $383.37 suggests downside risk. That’s over 8% below current trading levels.
BYD’s European performance continues strengthening with 17,470 October registrations representing 206.8% growth and 1.6% market share versus Tesla’s 0.6% share.
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