Car sales in Europe "booming" - Chinese brand BYD records growth of over 220%. Tesla loses ground
New car sales in Europe rose 5.9% in July, as a sharp increase in Germany outweighed declines in Britain, France and Italy, data from the European Automobile Manufacturers Association (ACEA) showed.
Tesla lost market share for the seventh consecutive month despite overall growth in electric car sales, falling behind Chinese competitor BYD, which was included in the monthly sales data for the first time.
European manufacturers, such as Volkswagen, are considering new initiatives to face Chinese competition in the electric vehicle market in Europe and to sustainably and cost-effectively meet the regulations that encourage the use of these vehicles.
The European Automobile Manufacturers Association co-signed a letter to the President of the European Commission, Ursula von der Leyen, stating that the EU's targets to reduce vehicle emissions by 100% by 2035 are no longer achievable.
European carmakers have recorded losses worth billions of euros and have warned of falling profits, while some have also cited the impact of customs tariffs imposed by the US.
Sales in the European Union, the United Kingdom and the European Free Trade Association reached 1.09 million cars in July, data showed. Volkswagen and Renault registrations rose 11.6% and 8.8% year-on-year, respectively, while Stellantis fell 1.1%.
Tesla's sales shrank by 40.2%, dropping its market share to 0.8% from 1.4% a year earlier. Meanwhile, BYD's sales expanded by 225.3%, bringing its market share to 1.2%.
Overall, car sales in the EU rose by 7.4%. Registrations in Germany rose by 11.1%, while there were contractions in the UK, France and Italy. Meanwhile, Austria expanded by 31.6%.
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