Tesla's (TSLA.US) sales in Germany plummeted by 76% in February, further exacerbating its sales challenges.
1min read According to the latest registration data, Tesla's demand in Germany seems to have fallen sharply. The Federal Motor Transport Authority of Germany showed that Tesla's sales in February fell 76% year-on-year to 1,429 units. However, the total sales of electric vehicles in Germany rose 31% in the same month.
Tesla's sales in Germany in the first two months of this year fell 71% year-on-year. The launch of the new Model Y has led to a drop in inventory and customers are waiting for the updated version. In addition, analysts believe that there is a backlash against Elon Musk.
By 2025, Musk will become more controversial in Germany due to his public support for the far-right party Alternative for Germany (AfD) and some of his comments about Germany's Nazi history. His actions have raised concerns about foreign interference in German politics. German Chancellor Olaf Scholz condemned Musk's interference, calling it "very disgusting" and harmful to the development of democracy in the European Union.
Aside from Germany, Tesla's car sales in Norway, Sweden, Denmark and France also fell sharply year-on-year in February, with its market share shrinking. Although the overall demand for electric vehicles in Sweden, Norway and Denmark rose, the number of new registered vehicles under the tesla brand in Sweden fell 42% year-on-year to 613 units in February; in Norway, it fell 48% to 917 units; and in Denmark, it also fell 48% to 509 units.
According to data from the French Automotive Industry Federation, the number of new registered vehicles under the Tesla brand in France in the first two months of this year fell 45% year-on-year, continuing its weak performance in the European market this year.
Moreover, according to data from CPCA, due to continued fierce competition squeezing its share in China's EV market, Tesla sold 30,688 vehicles in China in February, down 51.5% month-on-month and 49.2% year-on-year. Its performance also lagged far behind its major competitors in China.
Tesla's stock price has fallen more than 32% this year. With less than four weeks to go before the company's first-quarter delivery figures are announced, this could be a catalyst for a significant fluctuation in its stock price.