Tesla Loses Ground In Europe As Competitors Gain, Market Share Falls To 2% Amid 28% Sales Decline: ACEA DATA
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Tesla's sales in Europe fell by 28%, reducing its market share to 2% from 2.9% last year, according to ACEA data. While overall vehicle sales increased, BEVs and hybrids dominated new registrations, accounting for over 59.2%. Competitors like Volkswagen and Renault saw sales increases, while Tesla's profits plunged 71% year-over-year. The company plans to release cheaper models by Q1 2025 and has adjusted its Cybertruck marketing strategy. Despite the decline, analysts remain optimistic, with price targets raised to $400 and $350 by investment banks.
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