Tesla Gets Crushed in Germany by EVs from Volkswagen, Renault, and Hyundai Group: It Woke Up the Giants, by Wolf Richter

Increasing competition may not be factored into Tesla’s astronomical stock price. From Wolf Richter at wolfstreet.com:

Tesla’s share of the EV market plunged to 8.7% year-to-date, from 18.4% last year. Competition is now huge and across the spectrum. Tesla faces the same situation globally.

It has been a very ugly year in Germany for auto sales, except for EVs. The overall new vehicle market in Germany has plunged by 30% in the first seven months of 2020 to 1.526 million units. But EV sales have skyrocket by 65% over the first seven months, after having already skyrocketed by 88% in the same period in 2019, according to KBA, the German agency that handles nationwide new-vehicle registrations. Year-to-date, 61,105 EVs were sold, giving EVs a share of 4% of total new vehicle sales, up from less than 1% just two years ago in 2018.

But Tesla got crushed. Its sales over the seven-month period fell from 6,816 in 2019 through July, to 5,306 over the same period in 2020, and its share in the EV market plunged from 18.4% to 8.7%.

There are now three automakers that blew past it in Germany – Volkswagen Group, Renault, and Hyundai Group – while Daimler Group came in even with Tesla, and BMW group wasn’t far behind. This chart shows market share of each automaker, with all their EV brands and models combined:

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