Tesla (TSLA) reported mixed vehicle registration results for August 2023 across key European markets. In France, registrations surged by 279% year-over-year, while Denmark saw a 104% increase. However, Norway and Spain experienced significant declines of 79%, and Sweden, Portugal, and Italy reported decreases of 41%, 37%, and 36%, respectively. The decline in Norway was influenced by a prior rush in purchasing related to upcoming fiscal policy changes.
BYD Company Limited (BYDDY) achieved its highest monthly sales total of the year in August, selling 440,293 new energy vehicles (NEVs), which is a 17.8% increase year-over-year. Notably, passenger NEVs rose by 16.7%, while commercial NEVs jumped 225.1%. Similarly, Geely Automobile Holdings Limited (GELHY) reported July deliveries of 270,194 vehicles, an 8.01% rise year-over-year and particularly strong overseas shipments, which soared by 205.2%.
Tesla has underperformed compared to the Zacks Automotive – Domestic industry over the last six months, with a decline of 11.2% versus an industry drop of 5.8%. As of now, Tesla trades at a forward price/sales ratio of 12.24, significantly higher than the industry average of 3.24.
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