Tesla's sales in Europe decline for fifth straight month
What's the story
Tesla's sales in Europe have witnessed a major slump for the fifth consecutive month. The company's new car sales fell by nearly 28% in May, according to data from the European Automobile Manufacturers's Association. This decline comes despite a significant growth of 27.2% in overall electric vehicle (EV) sales across the continent during the same period.
Market dynamics
Tesla's market share drops to 1.2%
Tesla's market share in Europe has also taken a hit, dropping to 1.2% from last year's 1.8%. The decline is largely attributed to the growing popularity of cheaper Chinese EVs and political controversies surrounding CEO Elon Musk. Overall car sales in Europe rose by 1.9% in May, with plug-in hybrids and alternative fuel cars leading the growth.
Market shift
Chinese automakers continue to grow in Europe
Chinese automakers have continued their strong growth in Europe, selling 65,808 cars last month and doubling their market share to 5.9%. BYD nearly matched Tesla's sales figures in May after outselling it in April. This is a testament to the increasing competition that Tesla faces from foreign brands in the European market.