Tesla’s February Market Share in Europe Drops Despite EV Pickup

The Tesla logo is seen on a car at the Paris Games Week (PGW), a trade fair for video games in Paris, France, October 27, 2024. (Reuters)
The Tesla logo is seen on a car at the Paris Games Week (PGW), a trade fair for video games in Paris, France, October 27, 2024. (Reuters)
TT

Tesla’s February Market Share in Europe Drops Despite EV Pickup

The Tesla logo is seen on a car at the Paris Games Week (PGW), a trade fair for video games in Paris, France, October 27, 2024. (Reuters)
The Tesla logo is seen on a car at the Paris Games Week (PGW), a trade fair for video games in Paris, France, October 27, 2024. (Reuters)

Tesla's market share in Europe continued to shrink year-on-year in February, data showed on Tuesday, as sales of the all-electric car maker dropped for a second consecutive month despite rising overall EV registrations on the continent.

As competition grows, and ahead of the launch of its new Model Y mid-size SUV, Elon Musk's battery-electric (BEV) brand has sold 42.6% fewer cars in Europe so far this year, data from the European Automobile Manufacturers Association (ACEA) showed.

Tesla commanded 1.8% of the total market and 10.3% of the BEV market in February, down from 2.8% and 21.6% last year respectively.

It sold fewer than 17,000 cars in the European Union, Britain and European Free Trade Association countries, compared to over 28,000 in the same month in 2024.

Tesla currently faces a number of challenges in Europe. The EV maker has a smaller, ageing lineup while traditional automaker rivals and new Chinese entrants alike continue to launch new, often cheaper electric models.

Musk, the company's CEO, has also stirred controversy by courting far-right parties in Europe, which has added to Tesla's sales slump.

Overall, BEV sales in the same markets were up 26.1% versus February 2024, even as total car sales fell 3.1%, according to the ACEA.

An EU filing showed last week that Tesla had formed a pool to sell carbon credits to more than half a dozen automakers as they try to meet European CO2 emission targets which came into effect in January.

While based on 2024 figures, analysts estimate that Tesla's sales can more than compensate for those companies' emissions, the situation might change if its sales continue to drop.

The EU introduced the targets to help EV pickup in the bloc, but it is expected to approve on Tuesday a relaxation of those measures, to allow a three-year averaging of fleet emissions.

While total new car registrations in the EU fell 3.4% in February, BEV sales jumped 23.7%, a second consecutive increase, while hybrid car (HEV) sales rose 19%.

Electrified vehicles - either BEV, HEV or plug-in hybrids (PHEV) - sold in the bloc accounted for 58.4% of all passenger car registrations in February, up from 48.2% a year earlier.

"2025 has started really brightly for Europe's electric car market," E-Mobility Europe's secretary general Chris Heron told Reuters.

"We are seeing the early impacts from manufacturer plans to meet the EU's scheduled CO2 limits".

Among Europe's top-selling brands, Volkswagen and Renault's sales rose 4% and 10.8% respectively in the EU, Britain and European Free Trade Association countries in February, while Stellantis' sales fell 16.2%.

Sales at SAIC Motor rose by 26.1% despite the impact of EU tariffs on Chinese-made EVs, while they were down 15% at Geely-owned Volvo.

The market share of brands not accounted for by the ACEA, including BYD and other Chinese carmakers, rose to 2.5% from 1.5% a year before.

Total car sales in Spain rose 11% year-on-year in the month, while they declined in other major markets, with registrations falling 6.4% in Germany, 6.2% in Italy and 0.7% in France.



Saudi Arabia Ranks Second in G20 for ICT Regulatory Progress

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
TT

Saudi Arabia Ranks Second in G20 for ICT Regulatory Progress

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Arabia has secured second place among G20 countries in the UN International Telecommunication Union’s 2024 ICT Regulatory Tracker, marking a significant milestone in the Kingdom’s efforts to modernize its digital regulatory environment.

The achievement underscores Saudi Arabia’s progress in developing a robust regulatory framework for the telecommunications and information technology sectors.

It reflects the country’s commitment to fostering innovation, building advanced digital infrastructure, and implementing effective regulatory tools that support investment and fuel the growth of the digital economy.

The Communications, Space and Technology Commission said the index is designed to assist policymakers and regulators in keeping pace with rapid changes in the sector.

The index evaluates 194 countries based on 50 indicators across four key areas: regulatory authority independence, mandate, framework, and market competition.

The Kingdom’s performance in the ICT Regulatory Tracker adds to a string of international successes in the technology sector.

It has maintained its position as the second-highest ranking G20 nation in the ITU’s ICT Development Index for a second consecutive year. Saudi Arabia also ranked second among G20 countries in the UN’s Telecommunication Infrastructure Index.

Separately, the Ministry of Communications and Information Technology announced on Tuesday that Saudi Arabia was named “Country of the Year” and topped the global rankings for the fastest-growing tech startup ecosystem in the 2024 StartupBlink Index.

Riyadh was recognized as the world’s fastest-growing city in this category.

Saudi Arabia ranked first globally in healthtech, and second in both insurtech and investment tech, as well as in logistics and delivery applications. It placed third in digital payments, fifth in gaming, and seventh worldwide in edtech.

Riyadh also posted the highest global growth rate in innovation and entrepreneurship ecosystems. The capital ranked first in nanotechnology and transportation technology, and second in fintech.

As part of its broader strategic vision, the Saudi government is working to maximize the economic impact of the tech sector. The digital economy now contributes more than SAR495 billion ($132 billion) to GDP, representing 15% of the total. The ICT market size exceeded SAR180 billion ($48 billion) in 2024, creating over 381,000 quality jobs.

Women’s empowerment has been a cornerstone of this transformation. Female participation in the tech sector surged from 7% in 2018 to 35% in 2024, the highest in the region and above the G20 and EU averages.

In the realm of digital government, Saudi Arabia ranked fourth globally for digital services, second among G20 nations, and first in the region.