Tesla’s electric vehicle sales plummeted 60% in the UK last month, with Chinese rival BYD surging, according to data from the UK’s Society of Motor Manufacturers and Traders. In contrast, BYD registrations rose more than fourfold year on year to 3,184 vehicles in July.
The decline in Tesla’s sales marks a reversal from the previous month’s 14% year-on-year increase. The company’s flagship Model Y sport utility vehicle was recently upgraded, but it seems this move did not stem the tide of declining demand.
The slump is part of a broader downturn in European car registrations, with the sector as a whole falling 5% year on year to 140,154 vehicles last month. This decline may be linked to consumer uncertainty over which models are eligible for the government’s new EV subsidy scheme.
In this context, BYD’s surge appears more promising. The Chinese brand’s rise coincides with Tesla’s struggles, and it remains to be seen how this will affect the market share of both companies in the long run.
Source: https://www.ft.com/content/e05dc9a3-1e93-4fcd-8164-7f41e3e733aa