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Tesla, Inc. (NASDAQ:TSLA) may have ceded some market share globally to rivals in the electric vehicle space, but it is still the undisputed leader. Data out of Germany, home to renowned legacy automakers which have ventured into EVs, vouches for that fact.
What Happened: Tesla brands were the top two best-selling EVs in Germany in February, data shared by German EV rental company Nextmove showed.
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Registrations for Tesla's Model 3 sedan and Model Y SUV stood at 3,690 units and 2,254 units, respectively, in February. This gave the company a combined market share of 21% in Germany in February.
Stellantis N.V.'s (NYSE:STLA) Fiat 500 model took the third position, having sold 1,392 cars and taking 5% share of the overall EV market. Hyundai Motor Company (OTC:HYMTF)-owned Kona was placed fourth, with sales of 1,312 units.
Renault SA (OTC:RNLSY) sold 1,101 of its Zoe model and took a 4% share.
Among the German automakers, Volkswagen AG (OTC:VWAGY) sold 1,033 ID.4 vehicles and 1,023 ID.3 vehicles. Bayerische Motoren Werke Aktiengesellschaft (OTC:BMWYY) sold 974 units of its i3.
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Total EV sales in Germany were at 28,306 units in February, up 55% from a year ago.
Related Link: These Automakers Have Vowed to Catch Up With Tesla And Wrest EV Leadership: Is That A Stretch Goal?
Why It's Important: Tesla's strong competitive positioning in Germany is likely to improve further, with the impending opening of its Giga Berlin. The company has recently received the local government's nod to commence production at the facility.
Tesla's outperformance vis-à-vis domestic biggies, such as Volkswagen and BMW, is a testament to the superiority of its product and services fronts and its strong brand appeal.
Chinese EV startup Nio, Inc. (NYSE:NIO) has earmarked Germany for the next leg of international expansion, underlining the importance of the country in the scheme of things for EV makers.
Tesla closed Friday's session down 5.12% at $795.35.
Related Link: EV Week In Review: Tesla Feels Pinch Of Higher Input Costs, Nio's Hong Kong Listing Hedges Against Delisting Threat, Rivian's Teething Problems To The Fore And More
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.