Europe Tesla Sales Plunge 40%
Following a pattern that started earlier this year, Tesla’s EU sales plunged in May. According to the ACEA, they fell 40.9% compared to May of last Year. That brought them down to 8.729.
Tesla needs strong sales in the EU and US. It has been battered in China and local EV companies have savaged its market. There is still a chance that the trade war between the world’s two largest economies could affect that. Tesla also needs to maintain or increase its sales levels in Africa, India, South Asia, and South America.
Tesla’s competitive situation in Europe could deteriorate more. Local companies, led by giant VW are desperately trying to expand in their home markets with billions of dollars in EV research, production, and sales. While no individual competitor may take a significant market share, they may well do so collectively.
BYD Invades EU
Europe is also a major target of China’s largest EV company–BYD. It may build factories in the region to jump start sales. Some European nations are now considering allowing BYD into their markets. The development may further pressure Tesla’s sales.
The US remains the market where Tesla is likely to do the best. It still holds a market share of just under 50%. It does have local competitions. However, 100% tariffs will keep Chinese EVs out of the market, perhaps for a very long time
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