Compared to 2024, Tesla sales have taken a significant plunge on the European market, dropping by nearly 50% year-on-year in April. The U.S electric car manufacturer’s Model Y has not met the expected popularity while Chinese EV makers are adding pressure by rapidly expanding their presence in the market. According to various data, the dropping Tesla sales may be attributed mainly to increasing competition and changing consumer preferences.
Though overall car sales in Europe were down 0.3% year-on-year in April, Tesla’s seem to be taking the biggest hit with April marking the fourth month straight with crumbling numbers. With the growing competition from Chinese makers, Tesla’s market share in Europe has dropped down to 0.7% from an impressive 1.3% just a year ago. At the same time, European car manufacturers are looking for ways to cut costs while keeping the sales going amidst rising competition and continuously slowing global economy.
Source: reuters.com
