The discounts on electric vehicles introduced by Tesla seem to have paid off. In February, sales of the company’s cars in Europe grew faster than any other automaker, according to information released Tuesday, Barron’s data shows.
Although there was no direct data from Tesla, the number of Tesla registrations in the European Union, which indirectly reflects the number of sales last February, rose to 19,249 from 12,860 cars sold in February 2022, according to the Association of European Car Manufacturers.
Tesla’s sales likely benefited greatly from price cuts earlier this year, with some of its most popular models cheaper in the US and elsewhere, as well as in Europe.
Sales growth in the EU was as much as 50% year-on-year, with the company in this indicator overtaking rivals like Volkswagen, which grew registrations by 18%. The German car manufacturer is aiming for further growth in the electric vehicle segment.
Tesla registrations accounted for 2.4% of all car registrations in the EU last month, up 1.8% year-on-year. Total passenger car registrations in the European Union increased by 12% in the same month and electric vehicle registrations by 40%.
In January, it was reported that cutting the price of electric vehicles hurt Tesla’s profit margin, but it still remains the highest in the industry.