China's State-Owned SAIC Motor Trumps Tesla In New Vehicle Registrations In EU In July As Elon Musk's EV Giant Witnesses 15% Slump
Portfolio Pulse from Anan Ashraf
In July, SAIC Motor surpassed Tesla in new vehicle registrations in the EU, with SAIC's registrations increasing by 24% while Tesla's fell by 15%. Over the first seven months of 2024, Tesla's EU registrations dropped by 9.8%, whereas SAIC's rose by 25%. Other automakers like Volvo, Toyota, and Nissan also saw significant increases in registrations.
August 29, 2024 | 1:06 pm
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Tesla's new vehicle registrations in the EU fell by 15% in July and 9.8% over the first seven months of 2024, indicating a potential decline in market share and revenue in the region.
The decline in Tesla's vehicle registrations in the EU suggests a loss of market share to competitors like SAIC, which could negatively impact Tesla's revenue and stock price in the short term.
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