Tesla’s (TSLA) electric vehicle (EV) sales in the UK plunged more than 45% in May, as backlash against CEO Elon Musk continues to erode its market share. According to preliminary data from research firm New AutoMotive, Tesla sold 1,758 EVs in the UK last month, nearly half of the 3,244 autos sold in May 2024. On the other hand, Chinese rival BYD’s (BYDDF) auto sales in the UK more than doubled in May, reaching 1,388 units.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Notably, new vehicle registrations in the UK rose 4.3% in May, totaling 144,098 units. Of these, sales of pure EVs rose by 28% year-over-year. Despite the slump in auto sales, Tesla remained the best-selling battery EV brand in Britain so far this year. The news follows the release of Tesla’s consistently declining monthly sales figures in Europe. Musk’s support for far-right politics in Europe has severely tarnished the brand’s image and diminished demand for its vehicles.
Tesla Model Y Dominates in Australia and Norway
Not all is lost for Tesla. There is good news for Tesla from Australia and Norway, where its vehicles saw a significant jump in demand during May. In Australia, particularly, the revamped Model Y has driven a massive rebound in Tesla sales, following months of decline. Tesla sold 3,897 autos in Australia last month, with 3,580 units belonging to the updated Model Y. This marks a 9.3% increase in overall sales compared to May 2024, with the Model Y recording a remarkable 122.5% year-over-year growth.
Meanwhile, in Norway, Tesla’s auto sales skyrocketed by 213% in May compared to the previous year. The Model Y was the best-selling auto in Norway as well, with 2,344 units sold out of the total 2,598 Tesla autos sold last month. Tesla took a roughly 19% share of Norway’s total EV sales for May. Year-to-date, Tesla holds the second largest EV market share in Norway at 13.7%, trailing Volkswagen (VWAGY), which holds a 19.5% share.
Is Tesla Stock a Buy Now?
Wall Street remains cautious about Tesla’s long-term stock trajectory amid ongoing challenges. On TipRanks, TSLA stock has a Hold consensus rating based on 16 Buys, 10 Holds, and 11 Sell ratings. Also, the average Tesla price target of $282.70 implies 17.9% downside potential from current levels. Year-to-date, TSLA stock has lost 14.8%.
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue