Tesla Inc. (NASDAQ:TSLA) faces fresh woes as sales in the European region continue to deteriorate for Elon Musk's EV giant.
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Tesla's sales in Italy fell by over 25.6% in September in the Italian market, news agency Reuters reported on Wednesday, citing data from Italy's transport ministry. Tesla sold over 1,450 units in the region during September, the data showed. The company captured over 1.1% of the total market share, the report suggests.
Tesla's YTD sales in the region from January to September clocked in at 12,996 new vehicles and accounted for 1.08% of the total market share. The company's YTD sales fell 32.36% when compared to the same period in 2024.
The news comes as Tesla's Gigafactory in Berlin announced it was boosting production activities after receiving positive feedback from the markets it supplies to for Q3 and Q4. The factory serves over 37 markets across the globe, including Europe, the Middle East and Taiwan. This year, Tesla has been grappling with declining sales in Europe, with the company's sales falling 40.2% in the region.
However, the EV sector at large has experienced growth in the region, with European EV sales growing 30% YTD from January to July as Germany and the UK led with growths of 43% and 32%. The Italian region also experienced a 40% surge in sales during that period.
Meanwhile, Tesla is expected to beat analyst consensus over Q3 delivery figures as the demand for EVs in the U.S. rose in the buildup to the September 30 deadline for the Federal EV Credit.
However, experts like investment firm Gerber Kawasaki's co-founder Ross Gerber have cautioned against the deliveries. "Winter is coming" for Tesla in the fourth quarter of the year, Gerber said.
Elsewhere, Tesla's sales in the Chinese market during September have showcased steady growth, with the company recently reporting over 19.3K new insured registrations in the market, taking its September total to 165,350 units sold.
Tesla scores well on Momentum and Growth metrics, while offering satisfactory Quality, but poor Value. Tesla also offers a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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