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As per JATO Dynamics data, Tesla’s market share in Europe fell to 9.6% in February, the lowest figure recorded during the month over the last five years.
American EV giant Tesla Inc.’s (TSLA) battery electric vehicle (BEV) registrations in Europe fell 44% year over year in February to 15,737 units, according to data from JATO Dynamics.
The research platform said Tesla’s market share in Europe fell to 9.6% in February, the lowest figure recorded during the second month over the last five years. The data considers 25 member states of the European Union, as well as the U.K., Switzerland, and Norway.
While registrations of the company’s best-selling Model Y SUV fell by 56% to 8,790 units, the data noted that Model 3 sedan registrations dropped 14% to 6,834 units in the month.
According to JATO Dynamics Global Analyst Felipe Munoz, Tesla is now experiencing a period of “immense” change.
Tesla CEO Elon Musk’s “active role in politics,” increased competition, and the launch of the refreshed Model Y to replace the older version of the vehicle contributed to the drop in registrations, he opined.
“During this process, brands often experience a drop in sales before they return to normal levels once the updated model becomes widely available. Brands like Tesla, which have a relatively limited model lineup, are particularly vulnerable to registration declines when undertaking a model changeover,” he said.
Munoz added that it would be “interesting” to witness if demand rebounds once the refreshed Model Y hits markets across the region.
Chinese brands seemingly benefitted from the drop in Tesla registrations. Brands including Volvo, BYD, Polestar, and XPeng, among others, registered 19,800 new EVs in Europe during the month. BYD and Polestar recorded a 94% and 84% jump in registrations, respectively.
German automaker Volkswagen, however, continued to be the leading automaker in Europe across fuel types, followed by Stellantis and Renault in second and third place, respectively.
On Stocktwits, retail sentiment about Tesla stock dipped in the ‘bearish’ territory (35/100) while message volume rose marginally over the past 24 hours.
Despite the negative news, Tesla shares rallied 10% on Monday morning, reversing losses since the start of the year. The stock is down by nearly 30% this year but has risen by over 50% over the past twelve months.
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