American EV giant Tesla Inc TSLA witnessed a 13% drop in new car registrations in 2024 in the European Union despite overall new car registrations rising in the year, according to data from the European Automobile Manufacturers Association (ACEA) released on Tuesday.
What Happened: The auto industry body said that 242,945 new Tesla cars were registered in the EU in 2024, down from 279,542 in 2023.
The drop in registrations in the EU spurred Tesla’s first fall in annual vehicle deliveries worldwide. The company delivered 1,789,226 vehicles in 2024, 1.1% less than the 1,808,581 deliveries reported for 2023.
Overall new car registrations in the EU, however, rose by 0.8% to around 10.6 million units last year. Battery electric registrations fell by about 6% to 1.4 million units, dragged down by a drop in registrations in Germany.
Dearborn-based Ford Motor Co F also witnessed a 13.7% drop in registrations to 309,441 units.
Chinese Players Mark Growth, Others Showcase Mixed Performance: Chinese players, however, witnessed growth.
Volvo Cars VLVOF, majority-owned by China’s Zhejiang Geely Holding, saw registrations rise by a whopping 28% to 282,087 units. SAIC Motors also, likewise, saw registrations rise by 6.7% to 157,340 units.
German automaker Volkswagen continued to be the best-selling carmaker in the EU, with over 2.8 million new vehicles registered in 2024, marking a year-on-year growth of 3.2%.
Chrysler parent Stellantis NV, witnessed a 7.2% drop in registrations to 1.7 million units while Renault Group witnessed a near 2% growth to 1.2 million units.
Price Action: At the time of writing, Tesla shares were up 1.91% in Tuesday’s premarket session, according to Benzinga Pro data.
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