Tesla’s decline in Europe shows no signs of stopping. In August, registrations dropped for the eighth consecutive month, with France down 47.3%, Sweden plunging 84%, Denmark falling 42%, and the Netherlands close to 50%. Even with a modest 21.3% rise in Norway and a 161% increase in Spain, the gains were overshadowed by BYD’s explosive growth in those same markets.
Competition from Chinese automakers, particularly BYD, is reshaping the European EV landscape. In Norway, BYD registrations surged 218%, and in Spain, they soared over 400%, overtaking Tesla in volume. According to the European Automobile Manufacturers Association, BYD even outsold Tesla across Europe in July, capturing a 1.2% market share compared to Tesla’s 0.8%.
Several factors fuel this downward trend. Tesla has not released a new mass-market model since the Model Y in 2020, leaving the lineup stagnant while rivals flood the market with fresh and affordable options. Elon Musk’s political controversies have also eroded the brand’s appeal, with many European consumers citing his statements and affiliations as reasons to avoid Tesla.
Adding to the turmoil, Tesla’s aggressive price cuts in 2023 have tanked resale values. In the UK, the average price of a used Model Y has dropped by 41% year over year, even as used Tesla sales spiked 270% in July. Deliveries of the updated Model Y in June failed to reverse the trend, leaving Tesla vulnerable as its rivals continue to gain ground.
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