Tesla has posted one of its worst months in Europe. According to reports from the European Automobile Manufacturers’ Association (ACEA), sales dropped to about 6,964 units in October, a development that represents a 48.5% drop from the same time in 2024.
The development represents the company’s 10th straight monthly decline in Europe, a fate that seemed not to affect other companies in the region. Reports noted that the total electric vehicle registrations across Europe (covering the UK and the European Free Trade Association) jumped by 32.9%.
In addition, total car registrations across all types also went up by 4.9%. EVs now hold a 16.4% share of Europe’s auto market. Tesla? Just 1.6%, down from 2.4% a year ago. The newer Model Y couldn’t reverse the trend. Neither could the hype. Blame it on surging Chinese competition or on Elon Musk’s fading reputation across European markets. Whatever it is, Tesla’s not winning here anymore.
Tesla slumps as Chinese rivals move to take charge
The year-to-date numbers tell a worse story. In the first 10 months of the year, Tesla sold 180,688 units, which represents a 29.6% fall from last year. Meanwhile, China’s BYD exploded into the scene with a 207% sales surge, hitting 17,470 units sold in Europe. Another Chinese brand, SAIC, wasn’t far behind, clocking in nearly 24,000 vehicles, up 46% year-on-year.
Tesla’s dominance is dropping really fast, and its rivals are not slowing down. Despite all this, the stock remained unshaken. On Monday, Tesla shares jumped nearly 7%, a move that was attributed to Wall Street’s purchase. They are not buying it for the cars, but for its software, the AI, and the dream of autonomy. Melius Research called Tesla a “must own,” not because of sales charts, but because it thinks self-driving is coming soon.
Analyst Rob Wertheimer wrote: “One of the reasons we called Tesla a ‘must own’ in our recent launch — despite all the obvious risks — is that the world is about to change dramatically. Autonomy is coming very soon, and it will change everything about the driving ecosystem.” The latest version of Tesla’s full self-driving software (FSD) is out in the US and a few other areas.
However, it is still not available in Europe, but that might change in February. The Dutch RDW automotive regulator confirmed Tesla has a slot to demonstrate FSD next year. It hasn’t been approved yet. But if it passes, it could be a major shift for Tesla’s European play. That one green light could help stop the bleeding.
