Elon Musk-Led Tesla's European Decline Continues With November Sales Down Almost 12% — BYD Surges Ahead

Tesla Inc.'s (NASDAQ:TSLA) woes continue as the EV giant records yet another sales decline in Europe amid a poor November U.S. performance.

Tesla Sales Drop Nearly 12% In November

The EV giant sold 22,801 units in the region during November, an 11.8% year-on-year (YoY) decline from the 25,840 units Tesla sold last year, data released by the European Automobile Manufacturers' Association (ACEA) showed on Tuesday.

Tesla's year-to-date (YTD) sales from January to November came in at 203,382 units, representing a 28% YoY decline from the same period last year, when Tesla sold 282,335 units.

Tesla is now reportedly planning to launch the successful China-exclusive Model Y L in the European market as it looks to grapple with poor sales figures. Tesla is also eyeing an expansion of its Full Self-Driving (FSD) service in the region.

BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF), on the other hand, continued its growth in Europe as sales surged 221.8%, selling 21,133 vehicles in the region compared to last year's 6,568 units during November. The Chinese automaker's YTD sales stood at 159,869 units, a 276% surge.

YTD, electrified vehicles (EVs, PHEVs and Hybrids) captured almost 63% of the European market, the data suggested. Hybrid vehicles led the surge, with over 34.6% of the market share in the region.

BYD's European Strategy

BYD has been consistently reporting sales growth in the European market, with the company reporting 17,470 units sold in the region during October, which represented a 206.8% jump from last year’s total. BYD also plans to introduce its Japanese ‘Kei’ car to the European market pending regulatory approval for the E-car class in the region.

Back in September, the UK emerged as the largest market for the automaker outside of China, as the automaker sold 11,271 vehicles in the UK, highlighting the company's growth in the region.

Tesla scores well on the Momentum metric, while offering satisfactory Growth and Quality, but poor Value. It also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!

Price Action: According to Benzinga Pro data, TSLA jumped 1.56% to $488.73 at market close. It further surged 0.26% to $489.99 during the after-hours session.

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