This article first appeared on GuruFocus.
Tesla (TSLA, Financials) had a rough November in Germany, where registrations dropped by a fifth and the company fell behind Chinese rival BYD in monthly sales. New data from Germany’s KBA shows Tesla registered 1,763 cars in November, a noticeable pullback compared with a year ago. The broader trend has been even tougher: Tesla’s registrations from January through November are down 48.4% from the same period last year.
Meanwhile, BYD continued its rapid climb. The Chinese automaker registered just over 4,000 cars in November more than nine times its year-earlier total pushing its year-to-date figure past 19,000. The shift highlights how quickly BYD is scaling in Europe, particularly in segments where price sensitivity is high.
What makes Tesla’s slump stand out is that the market itself is still growing. Germany saw EV registrations jump nearly 60% in November, with more than 55,000 new electric cars hitting the road. Even updated versions of Tesla’s Model Y weren’t enough to keep pace with intensifying competition and a changing incentive landscape across Europe.