Tesla Slides in Europe as BYD Surges

Tesla (TSLA, Financials) sales in Europe in July decreased drastically, down by approximately 40% from the same month last year. According to industry statistics, the number of electric car registrations in the area went up by about 40% at the same time as the fall.

The business sold less than 9,000 cars in a month. In contrast, BYD (BYDDF, Financials) saw registrations rise by more than 200%, giving it around 1.1% of the market compared to Tesla's 0.7%.

Tesla's weakness is due to more than simply the state of the market. Analysts say that the company's old models, delays in releasing new cars, and anger from CEO Elon Musk's political views in Europe, which led to rallies in multiple places, are all problems.

BYD has been successful because it has a wider range of products and prices that are lower than those of its competitors. However, it has recorded lower earnings because of price wars and stricter rules.

After the news, Tesla's stock dropped around 1%. The findings show how weak the firm is in a market that is developing and where competitors are becoming stronger.