Tesla Inc.‘s (NASDAQ:TSLA) European registrations jumped across multiple European markets as the Elon Musk-led automaker seeks to capitalize on energy shocks induced by ongoing geopolitical tensions.
Tesla Registrations Jump 248% in Sweden
Tesla’s registrations in Sweden surged 248%, while the automaker also saw a 131% jump in Norway. Registrations also grew by 271% in Spain, while Denmark saw a 34% surge.
Tesla saw an 186% and 94% jump in registrations in Portugal and Italy, respectively. Tesla’s market share in Norway stood at 9.8%. The figures illustrated that the automaker had a positive October in the market.
EU Fuel Costs Compared to US
Energy costs have skyrocketed since the war in Iran kicked off in February and its impact has been felt globally, including in Europe.
According to data from Fuel Prices.EU on Tuesday, the average weighted price of gasoline in the region was €1.954/liter or $2.19/liter, which would translate to roughly $8.29/gallon.
On the other hand, the price of diesel was €2.146/liter or $2.40/liter. The price translates to roughly $9/gallon for diesel, considering a gallon is equivalent to roughly 3.7 liters.
Meanwhile, data from the American Automobile Association (AAA) showed that the national average price of gas was $4.1694/gallon on Monday, while the national average price of diesel in the U.S. was $6.2921/gallon.
Tesla FSD in Europe
The sales figures could provide an additional boost to Tesla’s European exploits as the company’s Full Self-Driving (FSD) system was approved in Latvia, making it the 10th EU country to approve the technology.
Italy’s Transport Minister, Matteo Salvini, also posted on X last week, supporting FSD. “Italy is looking with great interest at the opportunities offered by assisted driving technologies, with a focus on innovation and road safety, and supports a swift EU approval of Tesla Assisted Driving,” Salvini said.
Chinese Automakers Expand Footprint
However, Tesla faces steep competition from Chinese automakers like BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF), Geely Automobile Holdings Ltd. (OTC:GELHY) (OTC:GELYF) and more, according to a report by Reuters on Monday. Chinese companies accounted for 22.4% of the market, the report said.
Tesla was also trailing companies like BYD, as well as Stellantis NV-backed (NYSE:STLA) Leapmotor and SAIC-owned Morris Garages (MG) in markets like Denmark and Italy. Tesla accounted for 0.73% of Denmark’s market, while in Italy, Tesla captured 0.38% of the market.
The report said that companies like BYD, MG, Leapmotor and XPeng Inc. (NYSE:XPEV) represented anywhere between 1.6% and 5.5% of the Danish market. In Italy, BYD, MG and Leapmotor accounted for 1.21% to 4.55% of the sector.
According to European Automobile Manufacturers’ Association (ACEA) data, Tesla’s market share for the first nine months of the year was 2.5% as the automaker sold 260,575 units in Europe.
On the other hand, BYD sold 283,997 vehicles from January to September, accounting for 2.7% of the market. The data also showed that Geely captured 3.3% of the market with 343,875 units sold in the region during the first nine months of the year.
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