Tesla's Sales Slump: Navigating Challenges Amidst Rising EV Demand

Tesla's vehicle sales in Britain and Germany have plummeted to their lowest in over two years, despite growing demand for electric vehicles in both countries. National data revealed a 62% drop in the UK and a 46% decrease in Germany year-on-year, as reported on Tuesday.

Part of this decline is attributed to the increasing competition from European and Chinese electric vehicle brands. To combat this, Tesla plans to launch a revamped Model Y, yet sales performance of this model remains to be seen later this year.

Broader economic conditions in the UK have slowed EV sales, but brands like Volkswagen and BYD have seen significant growth. The industry's shifting dynamics highlight the competitive landscape and evolving consumer preferences.

(With inputs from agencies.)