Tesla's Electric Sales Slide: Rivals Catch Up as Musk Pivots Focus

Tesla is experiencing declining sales in its major markets—Europe, China, and the U.S.—as competition increases and Musk shifts focus to robotics. European sales fell dramatically, with Tesla's market position challenged by new entries and emerging models. Analysts suggest new vehicle launches are essential for recovery.

Tesla is facing sales challenges across its core markets, including Europe, China, and the United States. In Europe, Tesla's sales have plunged 48.5% year-over-year for October, amidst a boom in electric vehicle sales driven by competitors offering a wider range of models at more competitive prices.

The electric vehicle giant struggles to maintain its market position as European car buyers turn towards more affordable and diverse electric options, including a growing number of enticing Chinese brands. Volkswagen, for instance, reported a 78.2% rise in EV sales, further highlighting Tesla's fading dominance.

In the U.S., Tesla's sales saw a temporary boost due to a tax credit rush but slipped again, reflecting broader concerns over its long-term performance. As the company plans cheaper variants to recapture market share, analysts insist on the need for new models, while Musk's focus remains pivoted on long-term autonomous tech innovations.

(With inputs from agencies.)