$TSLA Tesla is struggling in Europe. Tesla is the most valuable car-maker of the world despite having barely sold just a little more than 1,000,000 vehicles in its entire history (for the record, the millionth car was made on March 10, 2020, while cumulative sales reached the 1 million mark in April 2020). Despite the explosion in overall EV sales, Tesla’s sales in Europe have flatlined in 2020. Facing competition from Audi, Jaguar, and Daimler, sales of the Models S and X have dried up. Meanwhile, a host of competitors, led by Volkswagen Group, Kia, and Hyundai, already have come to market with vehicles that compete with the Model 3 and will cut into the Model Y’s potential market before that car makes its European debut. Europe’s overall EV market is up 62% year over year through Q3, but Tesla’s share of the market has plunged from 33% to 14%. It is now estimated that Tesla will drop below 10% in Q4 (which will be lower than it has been at any point since 2016).
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