Tesla Sees Near 1500% Surge in New UK Car Registrations, Gains Market Share

Tesla Inc TSLA had a 1,436.4% year-over-year jump in new vehicle registrations across the United Kingdom last month, as per industry data.

What Happened: As per data for new car registrations in the U.K. released by the Society of Motor Manufacturers and Traders (SMMT), 1,813 new Tesla cars were registered last month as compared to 118 in April 2022. Tesla’s market share also rose to 1.36% last month from a mere 0.1% last year.

The U.K. saw the registration of 132,990 new vehicles last month, with gasoline remaining the most popular fuel choice. Gas vehicles saw a 4.1% jump in new registrations whereas diesel vehicles saw a 13.4% slump.

Electric vehicles, however, boomed in popularity. 20,522 new battery electric vehicles were registered during the month, up 59.1%. Plug-in hybrid electric vehicle registrations rose 33.3% and hybrid electric vehicles 7.7%.

British car manufacturing also rose 9.9% with 66,527 cars rolling out as opposed to 5,973 last April. The rise in production numbers could be attributed to easing supply chain shortages, SMMT noted. Exports saw a double-digit rise of 14.7% to 54,820 units.

Why It Matters: Despite rising registrations, none of Tesla’s models featured among the bestsellers for the month. Tesla Model Y was the bestseller in the United Kingdom in March. Last month, however, Ford Motor Co‘s F Puma took over with 3,570 new registrations.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More: Tesla Gets Price Target Bumps From Analysts Following Q1 Production Data

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