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Tesla’s European Slump Deepens as BYD Gains Market Share
Tesla’s European Slump Deepens as BYD Gains Market Share
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BTCCSquare news:
Tesla's revenue decline in Europe has now extended to eight consecutive months, with the electric vehicle Maker losing ground to aggressive competitors led by China's BYD. Registrations plummeted 47.3% in France, 84% in Sweden, and 50% in the Netherlands during August—all while broader auto markets in these countries showed growth.
BYD's expansion proves particularly devastating in Southern Europe. The Chinese automaker outsold Tesla by nearly 2:1 in Spain during August, capitalizing on government subsidies to achieve 400% year-on-year growth. Analysts attribute Tesla's struggles to intensified competition and shifting consumer preferences toward more affordable EV options.
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