Tesla Sales In Germany More Than Halve In October Despite EV Demand Growth

• The drop in Tesla sales in October occurred despite a 7.8% increase in overall passenger vehicle registrations in Germany.
• Tesla’s biggest rival, the Chinese EV giant BYD Co., saw its registrations jump 866% to 3,353 during the month. 
• Germany’s own brand Volkswagen, however, continued to lead the auto market in the country with 48,274 vehicles sold. 
   

Tesla Inc.’s (TSLA) registrations in Germany dropped about 54% in October to 750 units despite an overall rise in battery electric vehicle sales, according to the country’s road traffic agency.

From the start of the year through the end of October, Tesla registrations in the country more than halved to 15,595 units, the agency further noted.

Overall Registrations

The drop in Tesla sales in October occurred despite a 7.8% increase in overall passenger vehicle registrations in Germany and a 47.7% surge in battery electric vehicle sales to 52,425 units.

Tesla’s biggest rival, the Chinese EV giant BYD Co (BYDDY, BYDDF), saw its registrations jump 866% to 3,353 during the month. However, the company’s overall EV sales for the year through the end of October were only 15,171 units, below Tesla’s 15,595 units in the same period.

Chinese EV firm XPeng, meanwhile, delivered 359 cars last month, marking a growth of 259%, while luxury EV maker Nio sold 16 vehicles.

Germany’s Volkswagen, however, continued to lead the auto market in the country with 48,274 vehicles sold and the largest market share. Brands including MINI, BMW, and Audi achieved double-digit growth, while Mercedes, Opel, and Ford recorded single-digit growth.

Tesla Manufacturing In Berlin

Tesla has a plant in Berlin where it manufactures its best-selling Model Y SUV. Earlier this week, the company announced that the plant has also begun manufacturing the standard and more affordable variant of the SUV, which was first unveiled last month.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around TSLA stock stayed within the ‘bearish’ territory over the past 24 hours, while message volume stayed at ‘low’ levels.

TSLA stock is up 11% this year and approximately 79% over the past 12 months. 

Also See: Tesla Looks To Hire Senior Insurance Claims Specialist To Manage Incident Reporting For Robotaxis

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