Tesla New Car Sales Hit 2-Year Low In UK, Germany As European Woes Continue

Tesla Inc.’s TSLA European woes continue to pose a problem for Elon Musk’s EV giant as sales in the UK and Germany hit new lows.

What Happened: Sales for the company's vehicles fell by over 62% in the UK compared to last year and declined 46% YoY in Germany, according to a report published by Reuters on Tuesday.

This decline in sales follows a trend for the company in Europe, with sales plunging in some other markets within the region. Tesla's share in the European market also declined to 2%, from 2.9% last year.

Why It Matters: Musk's company sold over 512 vehicles in April, compared to 1,352 units last year in the UK. Interestingly, Tesla sold over 571 units in Spain, a 36% decline, according to data released by experts.

Tesla's sales in the region have taken a hit in Europe, even as EVs have seen greater adoption from drivers in the region. Sales for BEVs rose 17.1% in the region, ACEA data shows.

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The company also faces stiff competition from rivals in the region, with Chinese EV giant BYD Co. Ltd BYDDF BYDDY experiencing triple-digit growth in sales. BYD also pivoted its European strategy earlier and is all set to produce vehicles in the region with a manufacturing facility in Hungary.

The decline in sales for Tesla comes as Musk's endorsement of far-right political ideals has resulted in backlash against the billionaire as well as his company's products being at the receiving end of vandalism.

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