Tesla Inc (NASDAQ:TSLA)’s new car registrations in the European Union fell by 40.9% year-on-year in November, according to data from the European Automobile Manufacturers’ Association (ACEA).
Tesla’s significant contraction in registrations contributed to a broader 5.4% decline in battery-electric vehicles across the bloc.
Fully electric vehicle demand has contracted across the globe in 2024, leading major governments to reassess their energy-transition targets.
In the EU, fully electric’s share of the wider car market dropped to 15% last month from 16.3% in November 2023.
Hybrid electric vehicles, on the other hand, saw yearly sales increase 19.7% in November while plug-in hybrid vehicles (which source more power from batteries than hybrid electrics) saw sales iump by 8%.
Tesla faces another problem with a highly divisive figurehead in Elon Musk.
Musk has become increasingly more politically motivated in recent months, even accepting a quasi-political role in president-elect Donald Trump’s administration.
His erratic online comments have drawn criticism from liberal circles that have historically been keen Tesla owners.
‘I Bought This Before We Knew Elon Was Crazy’ bumper stickers have been doing a roaring trade on Etsy as scorned Tesla owners protest Musk’s descent into right-wing politics.