Tesla Inc.’s (NASDAQ: TSLA) sales problems around the world continue. It is not clear why, although recent research shows that Elon Musk’s actions and reputation have cut unit sales by a million, compared to what they could have been.
In September, Tesla Inc. (NASDAQ: TSLA) sales in the European Union plunged more than 18%. The EV maker’s market share globally continues to shrink.
In September, Tesla sales in the European Union fell 18.6% to 25,656. Sales of its archrival BYD jumped 272% to 13,221. While it still trails Tesla in total unit sales, the contrast in their sales directions is huge. The figures are based on registrations and not actual sales.
The numbers also show that Tesla is going the wrong way against the EU’s largest car companies, whether they are EV-based or not. Volkswagen led the market in September, up 11% to 241,368. Sales of Stellantis rose 10.5% to 133,305. And Renault Group sales totaled 100,817, up 14.4%.
Declining Tesla sales there point to its much broader issue. It cannot pull out of a flat spin. Its market share in the United States is less than 45%, but it peaked near 80% almost a decade ago.
In China, Tesla’s market share has been eaten into by local companies, including BYD.
Tesla promotes itself as an artificial intelligence and robotics company. That is Musk’s pitch, and it has worked. Its market cap is over $1 trillion, while GM’s and Ford’s are $60 billion on a good day
Musk says Tesla is not a car company. At some point, however, he has to prove absolutely that is true. Rapidly eroding sales make that case harder.
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