Tesla's European Presence Soars As New Registrations More Than Double

EV giant Tesla Inc TSLA has more than doubled new vehicle registrations in the European Union as of November end this year.

What Happened: 248,601 new Tesla cars were registered from January to November this year, marking a 115.8% surge from the corresponding period last year, as per data from the European Automobile Manufacturers Association (ACEA).

In November alone, 31,394 new cars from Tesla were registered in the union even while Ford, yet another American player in Europe, marked a 20.7% slump in registrations.

Volkswagen continues to be the most preferred car brand in the geography, with 231,743 new vehicles of the German automaker registered last month. Volkswagen AG is followed at a distance by Chrysler parent Stellantis NV.

Why It Matters: The car market in the EU is expanding rapidly, with 885,581 vehicles registered last month in what is its sixteenth consecutive month of growth.

Battery electric vehicles also saw their popularity rise, with 144,378 new EVs registered as compared to the 124,087 vehicles registered in Nov. 2022. Gas, however, continues to be the most popular fuel choice amongst new car buyers, followed close at hand by hybrid electric vehicles.

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