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Tesla Sales Drop Over 50% In Germany And United Kingdom, While BYD And Volkswagen Advance In The European Electric Vehicle Market
Tesla is experiencing a challenging time in the European market. In France, the third-largest market in the region, sales fell by 27%. In Germany, the decline reached 55%, while in the United Kingdom the drop was even greater, at 60%, according to Bloomberg data.
The most important thing is that, in light of this scenario, the company approved a temporary allocation of shares valued at 30 billion dollars to keep Elon Musk focused on electric cars.
Loss Of Space To Competitors
The competition with Chinese BYD is intensifying. In Germany and the United Kingdom, leaders in electric vehicle registrations in Europe, Tesla’s sales in July fell by more than half compared to the previous year.
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During the same period, BYD quadrupled its numbers in those countries. In France, Tesla’s decline was 40% for the year to date.
The automaker attributes part of the decline to disruptions in manufacturing during the transition of production lines for the Model Y. However, even after ramping up production, the situation has not reversed.
Despite this, the electric SUV remains the best-selling vehicle in Europe, both in June and for the year to date, with nearly 70,000 units sold.
Volkswagen Takes The Lead
The pressure is not only from BYD. Volkswagen has also surpassed Tesla in electric vehicle sales.
In the first half of the year, the German automaker sold 116,000 units, driven by three main models, capturing 11.2% of the market. Tesla sold 109,000 vehicles and holds a 6% market share.
This advance reinforces the need for Tesla to act quickly to avoid losing more ground, especially in strategic markets.
Billion-Dollar Deal For Musk
While facing the commercial challenge, Tesla approved a package for Elon Musk that includes 96 million shares, valued at around 30 billion dollars. The magnate needs to remain in his role for another two years to receive the benefit.
Shareholders emphasize that this is an initial good-faith payment, even with an ongoing legal dispute over the 2018 compensation package.
Musk will have to pay 23.34 dollars per share, totaling 2.24 billion dollars, to secure the promised amount.
According to them, it is a clear incentive for Musk to remain focused on Tesla, even as he develops projects in artificial intelligence and robotaxis.
With information from Xataka.
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