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Tesla Remains Only Automaker To Grow In Germany Through November, With 37% Rise In Registrations

Tesla Remains Only Automaker To Grow In Germany Through November, With 37% Rise In Registrations

Tesla Inc (NASDAQ: TSLA) remains the only automaker to record growth in Germany so far this year, leaving behind major local and international rivals.

What Happened: Data released by Germany’s federal motor transport authority, Das Kraftfahrt-Bundesamt, shows the electric vehicle maker recorded a 37.2% growth on a year-over-year basis and saw 1,680 vehicle registrations in November.

The Elon Musk-led automaker’s vehicle registrations rose to 13,149 between January and November. 

German legacy automakers such as Bayerische Motoren Werke AG (OTC: BMWYY), and Volkswagen AG (OTC: VWAGY) saw year-over-year declines in registrations of 14.9% and 24.7% respectively.

Japanese and Korean car makers didn't fare much better with Toyota Motor Corporation (NYSE: TM) and Kia Motors Corporation’s registrations slipping 12.9% and 8% respectively.

Why It Matters: Volkswagen CEO Herbert Diess said last month that the automaker saw itself in a race with Tesla as it unveiled plans for its own EV push.

Consumers in Germany prefer domestically-made vehicles but Tesla’s Berlin Gigafactory has spurred the interest of locals in the Palo Alto-based automaker’s offerings.

German economy minister, Peter Altmaier, has pledged total support to the emerging manufacturing unit.

However, even though the Gigafactory project has been well received in Germany, Tesla faces labor-related challenges and a potential tussle with the country’s IG Metall union.

Price Action: Tesla shares closed nearly 4.3% higher at $593.38 on Thursday.

Related Links: Tesla Receives Paintshop Permit, Denied Tree Clearing At Gigafactory Berlin

Click here to check out Benzinga's EV Hub for the latest electric vehicles news.


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