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Tesla Stock (TSLA) Fails to Motor Despite European EV Sales Pick-Up
Shares in EV giant Tesla TSLA -2.15% ▼ were lower today despite a much-needed pick-up in sales in both Germany and the U.K.
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Germany Goes Electric
According to the German road traffic agency KBA, Tesla’s vehicle registrations in Germany more than quadrupled in March compared with the same period last year. It said that newly registered Tesla cars jumped 315.1% year-on-year to 9,252 units in March. Registrations in the first quarter rose 160% to 12,829 vehicles.
Chinese rival BYD BYDDY -0.83% ▼ also revved higher in Germany. It saw registrations surge 327.1% to 3,438 units in March, bringing its first‑quarter total to 9,120 vehicles.
Overall, new registrations of battery-electric vehicles in Germany increased 66.2% in March to 70,663 units, according to the KBA.
Tesla’s U.K. new car sales were up 20% year-on-year to 8,599 units in March, with its Model Y being the 8th best-selling new car in the U.K. during the month.
Tesla Restoring Trust?
Last year the Tesla brand was being battered in Europe by associations between boss Elon Musk and the President Trump administration. Musk was also associated with far-right politicians.
A cooling in his political posturing may have helped restore demand for Tesla cars this year, as could the war in Iran and subsequent rocketing oil prices. The conflict may have confirmed in some drivers’ minds the need to go electric.
Indeed, March was the strongest month on record for new energy vehicle (NEV) volumes in the U.K., which reached 196,059 registrations. Battery electric vehicles (BEV) hit a new record, up 24.2% to 86,120 registrations.
The boost comes at a good time for Tesla which recently revealed that Q1 delivery numbers had missed market expectations. It said it had delivered 358,023 vehicles during the period, with the vast majority – 341,893 – being Model 3 or Model Y brands. This was down on analysts’ expectations of 372,000 vehicles.
Is TSLA a Good Stock to Buy Now?
On TipRanks, TSLA has a Hold consensus based on 13 Buy, 11 Hold and 8 Sell ratings. Its highest price target is $600. TSLA stock’s consensus price target is $393.97, implying a 11.66% upside.
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