Tesla’s UK Market Share Drops In March Despite Registrations Increasing – But Retail Remains Bullish Even As Stock Tumbles

Tesla registrations in the UK rose 2.4% in March to 7,164 units, while market share fell from 2.2% to 2.01%.

Shares of Tesla Inc (TSLA) dipped as much as 6% in pre-market trade on Friday, amid broader market weakness, after industry data showed that battery electric vehicle (BEV) sales in the UK rose to their highest level in March, but the American EV giant experienced a dip in market share.

The Society of Motor Manufacturers and Traders (SMMT) said that battery electric car uptake reached its highest ever volume of 69,313 units in March and took a 19.4% market share.

However, while Tesla registrations in the UK rose 2.4% in March to 7,164 units, its market share fell to 2.01% from 2.2% year-on-year (YoY).  

Meanwhile, Tesla's rival and Chinese EV giant, BYD Co, witnessed a 754% jump in registrations in March to 6,480 units, with its market share surging from 0.24% to 1.8% over the past year.

Overall, 357,103 new cars were registered in the country through March across fuel types, marking a YoY growth of 12.4% and the best March performance since 2019.

All electrified vehicles across all segments recorded growth, including hybrid electric vehicles and plug-in hybrids. Battery electric vehicle registrations, however, jumped over 43.2%, owing to significant discounting by manufacturers, SMMT said.

SMMT noted that despite the significant improvement in EV market share, it is still eight percentage points behind the target set by the government.

SMMT Chief Executive Mike Hawes highlighted the need for “sustained growth” for electric car registrations over a “short-term bubble.”

“Without substantive government support for consumers, the current regulatory regime is undeliverable. A rapid response to the government consultation is therefore needed – one that adds flexibilities that reflect the natural level of demand and supports the industry to deliver growth in the face of a tough set of global challenges,” he said.

On Stocktwits, retail sentiment around Tesla fell slightly but remained in ‘bullish’ territory (61/100) while message volume stood at ‘normal’ levels over the past 24 hours.

Earlier this week, Tesla reported first-quarter (Q1) global deliveries at 336,681 units, marking a dip of nearly 13% from the corresponding quarter of 2024 and the company’s worst quarterly performance in at least two years.

In a recent Stocktwits poll, 61% of 7000 respondents said they believed more pain is coming for the stock.

Tesla shares are down by nearly 30% this year but rose 56% over the past 12 months.

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