According to the European Automobile Manufacturers’ Association Tesla sales fell 49% compared to the previous year in the first two months while the EV industry grew.
With both a complaint about an aging lineup of vehicles and the brand and CEO facing backlash with protests targeting Elon Musk and Tesla vehicles suffering attacks of vandalism.
Tesla shares have declined after the release of lower than forecast delivery numbers. Musk’s endorsement of a political party in Germany also saw condemnation.
Tesla blamed it’s delivery numbers drop on the transition to a new version for its most popular car.
Tesla Protests and Boycotts
There have been around the globe prompted by Mr. Musk’s political involvement protests and boycotts. Musk who heads up the DOGE (Department of Government Efficiency), an effort to cut federal spending and slash the government workforce, has also poured millions into a Wisconsin Supreme Court race.
Elon Musk also faced backlash from what was interpreted as a “roman salute” during a political event. The backlash against Mr. Musk included the “Tesla Takedown” protests at Tesla dealerships in the US and Europe, the Administration said will charge those who deface Teslas with “domestic terrorism” and the Italian government advised to increase security at Tesla dealerships after a fire at one in Europe destroyed 17 Teslas and Tesla shares declined a quarter of their value since the beginning of the year.
Competition
Tesla faces competition from major automakers including China’s BYD which on Tuesday reported a record $107 Billion in revenue for 2024 as sales of its electric and hybrid vehicles jumped 40% and announced an ultra fast EV charging system that BYD says is nearly as fast as filling up at the gas pump.
Tesla sales for January and February declined to 19,046 from 37,311 while all battery electric car sales increased 28.4% in Europe. China is the largest market for EVs and Tesla’s second largest market, after the United States. BYD reported sales of more than 416,000 pure electric passenger vehicles in the quarter, a 39% rise from the previous year replacing Tesla as the world’s largest seller of EVs, a feat that BYD accomplished for multiple quarters prior only for Tesla to beat it in terms of full-year sales.
While also cheaper among its advantages, BYD will now have an EV charging system that gives its latest model 250 miles of range in just five minutes of charge.
