Tesla, Inc. (NASDAQ: TSLA) shares are trading lower Thursday amid overall market weakness. It was also reported that the company’s August European Union new car registrations fell.
What To Know: According to Reuters, Tesla’s new car registrations in the European Union fell 36.6% in August, cutting its market share to 1.2% from 2% a year earlier. Rival BYD extended its lead, outselling Tesla in the EU for the second consecutive month as its registrations surged 201.3% year-over-year to 1.3% of the market.
The auto industry in Europe is battling headwinds due to tariffs and stiffer competition from China. Automakers have also faced challenges in meeting regulations required for the adoption of electric vehicles.
The broader EU auto market expanded 4.7% last month to 800,000 cars, boosted by plug-in hybrid and battery-electric sales, which made up more than 62% of total registrations. Stellantis returned to growth with a 2.2% increase,…
