"As part of a slide that has gone on for months, Tesla's (NASDAQ: TSLA) EU, UK, and EFTA registrations (the proxy for sales) dropped 49% in October to 6,964. Registrations of its arch-rival, China-based BYD, jumped 207% to 17,470. Tesla has lost a large share of the EV market in the region, and it may not regain it. Aside from BYD, every one of the region's largest legacy car companies is pressing to sell EVs. The data comes from the Automobile Manufacturers' Association."
"Europe is not the only huge market where Tesla is in trouble. Tesla's monthly sales in China hit a three-year low in October at 26,006. Dozens of local EV companies are swarming it. Some will not be in business in a year, but they are still putting price pressure on competitors. China is the world's largest EV market by far."
"Tesla's US market share dropped to 45% early this year. In 2019, it was 80%. And for the time being, it has no Chinese competitors in America due to tariffs. As in Europe, legacy car companies have moved aggressively into EVs, even though it has cost them tens of billions of dollars. The drop in Tesla's sales worldwide means CEO Elon Musk must convince the market that Tesla is a robotics and AI company that will produce the first fully autonomous car and a robotaxi."
EU, UK, and EFTA registrations for Tesla fell 49% in October to 6,964 while BYD registrations rose 207% to 17,470, eroding Tesla’s market share. Tesla’s monthly sales in China reached a three-year low in October at 26,006 amid dozens of local EV competitors that apply price pressure. U.S. market share declined to 45% from 80% in 2019, with tariffs limiting Chinese entrants. Legacy automakers have invested heavily to sell EVs. Falling sales are shifting Tesla’s narrative toward robotics, AI, and a robotaxi vision, while companies like Waymo compete in self-driving technology. Tesla retains a $1.4 trillion market cap.
Read at 24/7 Wall St.
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