American EV giant Tesla Inc. (NASDAQ:TSLA) witnessed a 31% jump in new car registrations in September in the European Union, marking a comeback from the drop in registrations throughout the year, according to data from the European Automobile Manufacturers Association (ACEA) released on Tuesday.
What Happened: The auto industry body said that 31,555 new Tesla cars were registered in the EU, marking a growth of 31% from the corresponding period last year, thereby increasing the company's market share to 3.9%.
The rise in registrations, though significant, is not yet sufficient to make up for the drop through the year so far. Through the end of the third quarter, Tesla registrations stand at 187,932, marking a drop of 7.6% from the corresponding period last year.
Tesla is scheduled to announce its third-quarter earnings on Wednesday, Oct. 23.
Why It Matters: Battery electric vehicle registrations, overall, grew by nearly 10% last month, accounting for 17.3% of the EU car market. The market share of hybrid electric vehicles was at 32.8%, overtaking the share of petrol and diesel vehicles.
Overall car registrations, however, fell 6.1% with car registrations falling across France, Italy, and Germany. German automaker Volkswagen continues to be the best-selling carmaker in the EU, seconded by Stellantis. The Italian automaker's registrations, however, fell 27% year-on-year last month.
Price Action: Tesla's shares fell nearly 0.8% in premarket trading on Tuesday after closing at $218.85 on Monday. Year-to-date, the Tesla stock is down 11.90%, according to Benzinga Pro data.
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Photo courtesy: Tesla
