Tesla's global EV market share fell to 15.2% in Q2 2024, down from 19.6% a year earlier, as competitors in Europe and China accelerated sales growth, according to data from industry analyst Rho Motion. The automaker delivered 435,059 vehicles worldwide between April and June, a 4.8% year-on-year decline—its first quarterly drop since 2020. In China, Tesla's sales plummeted 8% to 131,812 units, with BYD and NIO capturing 33% of the local EV market.
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In Europe, Tesla registrations dropped 12% to 73,887 vehicles in Q2, while rivals like Volkswagen and Renault saw double-digit growth. Analysts attribute the slump to delayed refresh cycles for key models and aggressive pricing by regional players. For instance, BYD's Seal EV undercut Tesla's Model 3 by 14% in Germany, driving a 22% surge in European sales for the Chinese brand.
To counter the slide, Tesla announced plans to expand its Berlin Gigafactory by 2025, investing €1.2 billion to boost annual capacity to 1 million vehicles. CEO Elon Musk confirmed a next-gen compact EV launch in late 2024, targeting a €25,000 price point. Meanwhile, China's EV sector grew 28% YoY in Q2, further pressuring Tesla's dominance.
Source: ET Auto
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