Tesla Charges Ahead In Europe As May Registrations Surge Over 2000% While Ford Falters

Tesla Inc TSLA experienced a remarkable surge in registrations in the European Union last month, with a staggering 2000% increase compared to May 2022. 

What Happened: Data from the European Automobile Manufacturers‘ Association revealed that 21,927 Tesla vehicles were registered in May, a substantial jump from the 957 vehicles registered in the same month last year. The EV giant also saw its market share rise from a mere 0.1% to an impressive 2.3%.

In contrast, American automaker Ford Motor Co F faced a slump in May registrations, witnessing a 4.2% decline. This drop resulted in Ford’s market share declining from 4.3% to 3.5% compared to the previous year.

The overall car market in the European Union experienced an 18.5% growth, with 938,950 new passenger car registrations. This marks the tenth consecutive month of growth. Gasoline-powered vehicles remained the most popular choice, accounting for 36.5% of new registrations, followed by hybrid electric vehicles with a 25% share. Battery electric vehicles claimed a market share of 13.8% with 129,847 registrations, marking a significant year-over-year increase of 70.9%.

Volkswagen VWAGY retained its position as the top-selling vehicle brand in the EU, with 243,013 new registrations, representing a 19.5% increase compared to May 2022. Stellantis NV STLA closely followed with 170,296 registrations.

Why It Matters: The significance of this surge for Tesla lies in its ongoing expansion efforts in Europe. Currently, the company’s sole European Gigafactory is located in Berlin, Germany. During his recent visit to Europe, Tesla CEO Elon Musk met with French President Emmanuel Macron, as well as Italian Prime Minister Giorgia Meloni and Deputy Prime Minister Antonio Tajani, emphasizing collaboration and partnerships.

Moreover, Tesla experienced an astonishing 13,656% year-over-year increase in new vehicle registrations in the UK last month, further highlighting its growing presence in the European market.

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