Tesla’s Model Y Tops Europe’s New Car Sales for the First Time By Bloomberg

&copy Bloomberg. A Tesla Inc. Model Y Electric Vehicle leaves the automaker’s showroom on Friday, January 8, 2021, during a test drive through Shanghai, China. Chinese Teslacustomers are facing longer waits to obtain the ModelYnewly built SUV. This is due to strong initial demand.

(Bloomberg) — Tesla’s (NASDAQ:) Model Y was Europe’s best-selling car in September, zipping past some of the regions most popular combustion-engines models as battery-powered vehicles continue to gain traction. 

With deliveries more than tripling compared to a year ago to just over 29,000 cars, the Model Y led by a significant margin to Peugeot’s 208 city car with about 19,600 units, Jato said Thursday. The crossover, produced at Tesla’s plant in Germany starting this year, offset a plunge in sales of the Model 3 following a lack of imports from the carmaker’s plant in China. 

Jato stated that Tesla sales in Europe perform especially well in the last month of each quarter. However, deliveries in the third quarter rose 17% over a year and nearly doubled when compared with 2020. 

Europe’s car market has remained dogged for much of the year by protracted supply-chain problems curtailing production. While some of that pressure is lifting, the region’s consumers are now contending with multiplying energy bills and surging interest rates that have started to weigh on demand. The majority of carmakers have been resilient, despite the fact that they are still waiting for many unfilled orders.

“The market lost one million units per quarter over the last three years,” Jato global analyst Felipe Munoz said in a statement. “While a catastrophe in terms of volume relative to production capacity, the majority of carmakers have now properly adapted to this new reality.”

In the first nine months, 15.6% of all registrations were for fully-electric cars. In September, the combined Tesla Model Y/Model 3 sales reached nearly 42,000, four-times as many as Volkswagen (ETR.4) and ID.3. 

©2022 Bloomberg L.P.

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