Tesla’s new car sales plunged in both Britain and Germany in July, extending a months?long decline in Europe. U.K. sales fell nearly 60% year over year to 987 units, while German sales dropped 55.1% to 1,110 units. Year?to?date deliveries in Germany are down 57.8% to 10,000 units, according to local industry data.
China’s BYD (BYDDY, Financials) recorded sharp gains, with U.K. sales jumping more than fourfold to 3,184 units and German sales rising nearly 390% from a year earlier.
The results underscore Tesla’s (TSLA, Financials) ongoing market?share erosion in Europe, marking the sixth consecutive month of decline, as tracked by the European Automobile Manufacturers Association. The company faces intensified competition from Chinese EV makers, higher tariff costs, and the upcoming expiration of U.S. EV tax credits.
Elon Musk has cautioned that the automaker could face a few rough quarters as these headwinds weigh on demand.
This article first appeared on GuruFocus.
