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Tesla Faces New Competition As European Auto Sales Soar

  • European auto sales experienced a 17% increase in July, marking the 12th consecutive month of gains, with Germany, France, and Spain showing double-digit growth.
  • Electric cars led the sales, rising 62%, while diesel sales dropped by 9%. 
  • Tesla's Model Y topped sales in the first half of the year but faces competition from other major manufacturers.

European vehicle sales are going to be on watch heading into the back half of the week after automobile sales in Europe rose for the 12th consecutive month in July, Bloomberg reported this morning.

Germany, France and Spain all saw double digit growth for the month, the report says. In sum, registrations of new cars were up 17% to 1.02 million vehicles, the report says, citing data from the European Automobile Manufacturers’ Association. 

Volkswagen sold the most passenger cars in the region with 280,294 registrations, up 19% from a year prior. Buyers in Germany saw the biggest YOY rise, with 48,682 cars sold in July, up 69% from 2022. 

Battery electric cars led the charge across Europe, rising 62%, at the same time sales of diesel models fell 9%.

As we have reported, Tesla's Model Y was the best selling vehicle in Europe in the first half of the year, but manufacturers like Volkswagen AG, Stellantis NV and BMW AG are setting up to challenge the EV maker's dominance with new model releases in the second half of the year.

Several of these models are expected to debut at next week’s IAA car show in Munich, Bloomberg wrote. 

After battling through endless supply chain challenges and dealing with a semiconductor shortage as a result of the pandemic, automakers are finally seeing operations resemble a return to normal in 2023.

However, new challenges for the industry include a worldwide rising cost of living and higher borrowing costs, with Central Banks hiking interest rates far higher than during the pandemic. 


By Zerohedge.com

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