TMTPOST -- Tesla Inc. stocks ended 15.4% lower at $222.15, their lowest since last October, and tumbled more than 50% from the record set in December, wiping out around $800 billion in market capitalization in nearly three months. Shares suffered their worst day in more than four years as the past month saw Tesla sales bucked electric car sale trends not just in Europe but in China, the world’s top electric vehicle (EV) market, highlighting growing headwinds from intense competition to the backlash against CEO Elon Musk.
Credit：Tesla
The wholesale deliveries of Tesla China dived to 30,688 vehicles in February, representing a 49% year-over-year (YoY) decrease, according to the preliminary data from the China Passenger Car Association (CPCA). That suggested Tesla’s China-made wholesale deliveries hit their lowest monthly volume since July 2022, and plunged 51.5% from a month ago.
While retail sales typically reflect consumers’ activity, wholesales more closely align with the number of cars rolling off production lines and act as a better barometer of export demand.Tesla’s deliveries in China were partially affected by the production halt due to upgrade of lines manufacturing its refreshed Model Y sport utility vehicle (SUV) in Gigafactory Shanghai. Excluding the production line upgrade, the wholesale shipments would have been flat from a year ago, Bloomberg Intelligence analyst Steve Man.
However, the significant sales are another sign that Tesla is facing intense competition from Chinese automakers offering a more enticing range of tech-laden and affordable cars. CPCA said overall wholesale volume of new energy vehicle (NEV) in China in February rose 82% YoY to 840,000 units, with a month-over-month (MoM) fall of 5%. In the first two months of this year, Tesla China sold 93,926 vehicles, down 28.74% YoY.
Tesla sales in Europe recorded steeper decline than China. Tesla sold 1,429 EVs in Germany in February, a YoY drop of 76% larger than the 60% decline a month earlier, according to Germany’s road traffic agency. The overall sales of EVs in the No.1 European economy popped 38% to 35,949 units. Tesla sales in Italy crashed 55%, in Portugal, France, Sweden, Netherlands down 53%, 45%, 42% and 24%, respectively, and down 48% in both Norway and Denmark, official data showed last week.
New EV registrations in Europe grew by 34% to 124,341 units in January, capturing 15% of the local auto market share, up from a 10.9 share the same month of last year, according to trade body Acea. However, Tesla’s new car registrations across the European Union, the European Free Trade Association and the U.K. slid 45.2% year-over-year to 9,945 cars in January, with a market share of 1% down from 1.8% a year ago, data from the European Automobile Manufacturers' Association showed.
Outside Europe, Tesla sales in Australia fell 72% in February and the Model 3 sales were down 81%, according to the country’s Electric Vehicle Council.
Besides the increasing competition, Tesla sales in January were also dampened by Musk’s controversial political remarks backing far-right parties and attacking incumbents. Some car buyers may be taking a "principled stand" on Musk's political interventions, AJ Bell investment director Russ Mould said.
Baird analyst Ben Kallo noted recent reports that instances of vandalism occurred at the Tesla store in U.S. and protests by activists and former Musk fans launched at Tesla facilities across the country. “When people’s cars are in jeopardy of being keyed or set on fire out there, even people who support Musk or are indifferent Musk might think twice about buying a Tesla,” Kallo said.
Tesla shares were also dented by uncertainty of the Trump administration’s plan to impose extra tariffs on Canada and Mexico. Since the two U.S. trading partners are key markets for automotive suppliers, new tariffs could affect production and lead to higher prices.
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