The European electric vehicle (EV) market is experiencing a surge in demand, but Tesla’s market share has slipped for the second consecutive month. Despite this decline, overall Battery Electric Vehicle (BEV) sales have risen by 26.1% compared to the same period last year.
Key Statistics
- Tesla’s sales in Europe have plummeted by 42.6% this year
- Tesla’s market share stands at 1.8% of the overall market and 10.3% of the BEV market
- Total car sales in Europe have fallen by 3.1%
Challenges Facing Tesla
Tesla is grappling with several challenges, including:
- An aging lineup of vehicles
- Stiff competition from traditional automakers and new Chinese entrants
- The phase-out of the current Model Y to make way for a refreshed version
Impact on Tesla’s Stock
The decline in Tesla’s market share comes on the heels of a forecast by JPMorgan analysts predicting a sharp decline in Tesla’s share price. The report noted that Tesla’s stock lost $127 billion in value in just one day of trading in early March.
Expert Insights
Gene Munster, Managing Partner at Deepwater Asset, predicts that Tesla’s delivery numbers will be weaker than anticipated in March. However, Felipe Munoz, Global Analyst at JATO Dynamics, notes that Tesla is undergoing significant changes, including the phase-out of the current Model Y, which can lead to a temporary drop in sales.
Ratings and Rankings
Tesla holds a momentum rating of 84.01% and a growth rating of 67.94%. The company’s growth rating evaluates its historical earnings and revenue expansion across multiple timeframes.
Conclusion
The European electric vehicle market is experiencing a shift in demand, with Tesla’s market share slipping for the second consecutive month. Despite this decline, overall BEV sales continue to rise, and experts predict that Tesla will bounce back once the updated Model Y becomes widely available.