Only 25,491 Tesla Inc. TSLA EVs were registered in the UK this year till the end of July, marking a dip of nearly 13% from the corresponding period last year, according to industry data.
What Happened: According to data from the Society of Motor Manufacturers and Traders (SMMT,) new Tesla registrations in July alone slumped 22% to 2,462 units despite a 16% rise in overall battery electric vehicle registrations.
U.S. automaker Ford Motor Co. F also saw new registrations dip 31% last month to 7,814 units. Ford’s Puma, however, featured in the top 10 most registered vehicles.
The fate of the U.S. players served other European and Chinese players well. Tesla’s biggest rival and Warren Buffett’s Berkshire Hathaway-backed Chinese EV giant BYD Co Ltd. BYDDY witnessed an 848% jump in registrations to 768 units in July. SAIC Motor-owned MG, too, witnessed a 2.7% growth in new registrations to 6,231 units.
The best-selling vehicle brand in the UK in July was German automaker Volkswagen which witnessed a 7.5% rise in registrations to 14,046 units. Volkswagen is seconded by BMW which had 9,885 new registrations.
South Korean auto brand Kia also sold 9,764 vehicles in July, making it the third best-selling brand in the U.K., ahead of other German players like Audi and Mercedes Benz. Kia’s sister brand Hyundai also witnessed a 16.7% rise in new registrations to 7,560 units.
Why It Matters: Chinese automakers have been focussing on increasing their market share in foreign markets following an economic slowdown at home. The increased competition among EV brands in the country has also given rise to an intense price war with EV makers including BYD slashing prices to retain market share.
However, Western nations including the EU and the U.S. are concerned that the low prices of Chinese EVs may harm domestic players with governments attempting to restrict imports by imposing higher tariffs.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Read More:
Photo courtesy: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
