New Tesla Registrations Dip By 50% In EU In January Despite Rising Overall BEV Market Share

American EV giant Tesla Inc. TSLA witnessed a drop of over 50% in new car registrations in January in the European Union despite battery electric vehicle registrations rising during the period, according to data from the European Automobile Manufacturers Association (ACEA) released on Tuesday.

What Happened: The auto industry body said that 7,517 new Tesla cars were registered in the EU in January, down from 15,130 in 2023.

Overall new battery electric vehicle car registrations in the EU, however, rose by 34% to 124,341 units on the back of growth in Germany and the Netherlands. Diesel and petrol vehicle registrations fell 27% and 19% respectively, dragging down overall car registrations by 2.6% to 831,201 units.

The combined market share of petrol and diesel cars fell to 39.4% in January, down from about 49% a year ago. Battery electric car market share market share, meanwhile, grew to 15%.

Rival Performance: Volkswagen continues to be the best-selling car manufacturer in the EU with 229,898 new car registrations last month, marking a growth of about 6% year-on-year.

Chrysler parent Stellantis NV, however, witnessed an 18% decline in registrations to 133,506 units while Renault Group witnessed a 5% growth to 90,362 units.

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