Tesla EU Sales Drop Even As EV Market Grows

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(RTTNews) - Tesla Inc. (TSLA) sales in the European Union (EU) dropped for a second consecutive month in February, even as overall new electric vehicle registrations increased.

According to the European Automobile Manufacturers' Association, Tesla EU new car registrations, which serve as a proxy for sales, slipped 47% year-over-year to 11,743 cars in February, a month after they dropped 50%.

Meanwhile, battery-electric vehicle (BEV) registrations in the bloc jumped nearly 24% overall.

Tesla has faced criticism for its aging vehicle lineup, along with growing backlash against CEO Elon Musk. In the U.S., his ties to the Trump administration have sparked controversy, while in Europe, his recent endorsement of Germany's far-right Alternative for Germany party during last month's national election was widely condemned.

Tesla is facing growing competition from major automakers ramping up their EV production, including China's BYD. On Tuesday, BYD reported a record 777.1 billion yuan ($107 billion) in revenue for 2024, driven by a 40% surge in electric and hybrid vehicle sales.

Earlier this month, BYD unveiled an ultra-fast EV charging system, claiming it offers recharge speeds nearly on par with refueling at a gas pump.

The company claims this breakthrough enables EVs to gain a 400-kilometer, 249-mile range with just five minutes of charging.

This innovation intensifies BYD's competition with Tesla and other automakers investing in fast charging technology. Tesla's latest superchargers currently offer up to 500 kilowatts, providing 270 kilometers of range in 15 minutes, while Mercedes-Benz recently announced its all-electric CLA could recharge up to 325 kilometers in 10 minutes.