Tesla’s EU sales slump continues as Chinese rivals thrive
Elon Musk’s brand sold 12,130 new cars across the EU last month, down from 18,430 in November 2024
TL;DR
- Tesla's EU new car registrations were down by a third in November compared to the previous year.
- BYD experienced almost a tripling of registrations, and SAIC (MG brand) saw a 26% increase in sales.
- Hybrid car sales, including plug-ins, represented 44% of all sales, driven partly by profitability for European manufacturers.
- The EU confirmed it would weaken electric car sales targets, allowing internal combustion engines post-2035.
- Battery electric cars held an 18.8% market share in the EU for the first 11 months of the year, up from 15% previously.
- Elon Musk's political interventions and public fallouts with figures like Donald Trump coincided with Tesla's sales slowdown.
- Despite sales figures, Musk's net worth remains exceptionally high, with SpaceX and Tesla being major components.
- Overall EU new car sales rose by 1.4% by November.
- Tesla is the only pure electric brand among those tracked by Acea whose sales are reported to be struggling.