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Europe is going through difficult times. From politics to the economy to auto sales, the scenario is far from rosy, and arguably the biggest player in the electric vehicle sector is having a tough year.
Eleven months into 2024, Tesla has recorded a double-digit decline in registrations, according to the European Automobile Manufacturers Association (ACEA), which published official figures for November.
To be clear, Tesla remains one of the largest electric vehicle brands in Europe and the United States, but its hold is weakening across the Atlantic. Last month, Tesla posted a 40. 9% drop in earnings. registrations in the European Union compared to the same month last year. The number of registrations fell from 31,810 in November 2023 to 18,786 last month, which represents a drop in the percentage of the car market. 3. 6% to 2. 2%.
Since the beginning of the year, Tesla has had 211,405 registrations in the EU, down 15. 2% from 249,265 units last year.
The story is when adding members of the European Free Trade Association and the United Kingdom. EFTA members are Iceland, Liechtenstein, Norway and Switzerland. In those markets, Tesla’s registrations fell 28. 4% in November, from 36,563 units last year to 26,191 units this year, raising the U. S. automaker’s market share from 3. 4% to 2. 5%.
Year-to-date, Tesla registrations in the EU, EFTA and UK went down 13.7% from 327,635 units in 2023 to 282,692 units this year, while the market share shrunk from 2.8% to 2.4%. In the EU alone, which has 27 member states, Tesla’s market share went down from 2.6% in the first 11 months of last year to 2.2% this year.
The automaker’s losses can be attributed to a number of factors, including the increasingly controversial attitude of its CEO, Elon Musk, and the decrease in government incentives. Some European states have reduced the amount of money offered toward the purchase of a new EV, while others have eliminated the incentives altogether.
That said, Tesla’s significant drop in European registrations has largely left the EV industry unaffected. Considering the sheer volume of electric cars sold by Tesla, EV registrations as a whole only went down by 1.4% in the EU, EFTA and UK from January to November and they actually went up 0.9% in November compared to last year. In the EU alone, EV registrations went down 5.4% year-to-date and 9.5% in November.
This can only mean one thing: other automakers have stepped up to try and fill the gap left by Tesla, and customers are following suit.
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