China's State-Owned SAIC Motor Trumps Tesla In New Vehicle Registrations In EU In July As Elon Musk's EV Giant Witnesses 15% Slump

Chinese state-owned automobile manufacturer SAIC Motor Corp. Ltd. witnessed more new vehicle registrations in the European Union in July than American EV giant Tesla Inc. TSLA, as per data from Europe’s auto industry body.

What Happened: The European Automobile Manufacturers Association (ACEA) said on Thursday that while only 11,586 Tesla vehicles were registered in the EU last month,14,063 SAIC vehicles were registered.

While Tesla’s new car registrations in July slumped by nearly 15% as compared to July last year, SAIC vehicle registrations rose 24%.

In the first seven months of 2024, Tesla experienced a 9.8% drop in registrations in the EU to 137,192 units while SAIC’s rose by about 25% to 94,472 units. Geely-owned Volvo Cars also saw a near 39% jump in vehicle registrations to 176,243 units. Michigan-based Ford Motor Co, however, experienced a 15% drop in registrations.

Competitors Rise: In addition to Europe's best-selling car brand Volkswagen which saw vehicle registrations rise by nearly 4% in the seven months till the end of July, Japanese automakers Toyota and Nissan also marked significant increases.

While new Toyota vehicle registrations soared 20.8% to 516,860 units, Nissan marked a 13.3% jump in registrations to 130,997 units.

South Korea’s Hyundai Group, however, witnessed a 3% drop in registrations, largely due to the fall in registrations of its sister brand Kia.

Overall, over 6.5 million new vehicles have been registered in the EU since the start of 2024 through the end of July, marking a growth of about 4%.

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Photo courtesy: SAIC Motor