Tesla Eyes European Recovery Despite Market Dip
Tesla's European plant, situated in Gruenheide near Berlin, doesn't disclose regional results. Despite recent challenges, the company expects increased deliveries in upcoming quarters, potentially boosting its stock market share and profits.
Tesla's share of the EU car market has dipped to 1.2%, with August registrations plummeting by 36.6% year-over-year. However, the company's recent quarter saw a surprising 7.4% year-over-year increase in deliveries, reaching 497,099 vehicles. This uptick was partly driven by customers rushing purchases before the US tax credit for electric vehicles expired.
Elon Musk, now overseeing European production and sales directly after Omead Afshar's departure, anticipates challenging quarters ahead. Despite this, he predicts a rising delivery volume, with estimates ranging from 500,000 to over 600,000 vehicles per quarter. In the last quarter, Tesla produced around 447,410 vehicles, a 4.8% decrease from the previous year.
Tesla's European operations, despite facing increased competition and a drop in EU registrations, have shown resilience with a recent sales boost. The company aims for higher delivery volumes in the coming quarters, which could lead to a stock market increase and improved financial results. However, Elon Musk warns of challenging times ahead.
Read also:
- Web3 gaming platform, Pixelverse, debuts on Base and Farcaster networks
- Cannabis-Focused CTV Channel Citizen Green Launches for Global Streamers
- Goodyear in 2025: Advancement in Total Mobility through the Launch of Kmax Gen-3 by Goodyear
- Boston Metal pioneers route to commercial production for eco-friendly steel method
