Tesla's European Woes See No End, April Sales Crash 49% As Rivals Race Ahead In EV Market

Tesla Inc. TSLA sales fell 49% YoY in Europe for April as Elon Musk's EV giant continues to grapple with global challenges.

What Happened: The company sold 7,261 units in Europe for April, almost half of the 14,228 units it sold last year during the same time, ACEA data showed on Tuesday.

Tesla's market share also shrank from 1.3% to a minuscule 0.7% in the region, as the Battery Electric Vehicles or BEVs experienced a surge in market share from 12% last year to over 15.3% this year, the data suggests.

However, the region continues to prefer Hybrid-electric vehicles, the data showcases as the segment captured a 35.3% market share in the region, almost comparable to the combined share of ICE vehicles, which accounted for almost 38% of the market share.

Why It Matters: The data from ACEA comes in as Musk's EV giant continues to experience decreasing demand across multiple regions throughout the globe. The company's sales fell to a 2-year low in the UK and Germany, signaling continued woes in Europe.

This comes in as Tesla's rival Chinese EV giant BYD Co. Ltd. BYDDY experienced a surge in sales as it surpassed Musk's company in sales for the first time in the region.

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BYD also released a Euro-spec version of its Seagull EV dubbed the Dolphin Surf in Europe, which will retail for around $26,000 as the company looks to build upon its growth in the region.

Interestingly, Tesla sales have surged in China during the month of May as the company recorded over 11,000 new insured registrations in the country for two consecutive weeks, which could provide investors with some relief.

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