Tesla Loses Ground in Europe as BYD Gains Market Share
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BTCCSquare news:
Tesla's European struggles deepened in July as the automaker reported a 40% year-over-year sales decline, marking its seventh consecutive monthly drop in the region. The company sold just 8,837 vehicles, shrinking its market share to 0.8%—nearly half of its 1.4% stake a year prior. This erosion comes despite a 5% overall increase in EU car registrations during the period.
Chinese rival BYD accelerated its European offensive with 13,503 vehicles sold—a 225% surge that propelled its market share to 1.2%. Traditional automakers like Volkswagen and Renault also posted gains, rising 11.6% and 8.8% respectively. The diverging trajectories highlight Tesla's waning dominance as legacy manufacturers and Chinese EV makers gain traction.
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