Tesla Sales Crash in Europe in March
Tesla ended the first quarter of 2023 deeply in the red, continuing the company's ongoing struggles with competition,
Quick overview
- Tesla faced significant challenges in Q1 2023, with a notable decline in sales and market share in Europe.
- New vehicle registrations in Europe fell from 39,684 to 28,502, marking a 37.2% year-on-year decrease.
- Despite an increase in sales for other electric and hybrid vehicles, Tesla's market share dropped from 1.8% to 1.6%.
- Elon Musk's political views have led to public backlash, further impacting Tesla's sales performance in various regions.
Tesla ended the first quarter of 2023 deeply in the red, continuing the company’s ongoing struggles with competition, emerging headwinds from sales boycotts, trade tariffs, and increasing competition. This was also accompanied by a drastic decline in sales across Europe during March.
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According to the European Automobile Manufacturers’ Association, Tesla’s new vehicle registrations in the European Union, European Free Trade Zone, and the UK region dipped from 39,684 units last year to 28,502.
Tesla’s market share in the region crashed from 1.8 percent to 1.6 percent, which is still an increase from the 16,888 registrations sold in February.
Although sales of Evergreen out-of-region battery EVs in Europe increased by 23.6%, plug-in hybrids surged by 19.5%, hybrid electric vehicles increased by 24.5%, and gasoline-powered cars decreased by 20.1%, this reduction in sales nevertheless occurred.
Tesla’s first quarter of the year remained bleak, with sales across Europe dropping 37.2% year-on-year.
Elon Musk, the current CEO and prominent figure of Tesla EVs, faces public backlash in multiple regions over his political views that have garnered sustained interest across Europe, where the brand faces a continuous sales deficit.
Global sales dropped drastically as the company reported failing to meet expectations in securing Q1 earnings, reflecting the concerning direction and future planning of the most valuable EV manufacturer.
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