Tesla Inc. (NASDAQ:TSLA) sales in the UK surged over 12% year-on-year in June as Elon Musk's EV giant's Q2 delivery figures fared better than initially predicted by experts.
What Happened: Tesla sold 7,891 units in the UK during June, compared to June 2024’s 7,019 units, data from NewAutomotive obtained by Reuters showcased on Friday.
The data also suggests that UK EV sales grew by 45.5%, with a 12.8% growth in total car sales in the region. The market as a whole registered 187,655 units in June.
Tesla's Chinese rival, BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF), also gained in sales, selling 2,498 units in June. Tesla's total sales in the UK are still down 2%, the data shows.
Why It Matters: The news comes in as Tesla delivered over 384,000 vehicles in Q2, which analysts like Wedbush Securities' Dan Ives hailed as a moment where the “fireworks” came early for the company.
Gary Black, managing director of Future Fund LLC, pinned the deliveries on Tesla experiencing strong growth in China during June. "2Q was better than expected, led by refreshed Model Y deliveries and strong quarter-end China deliveries," the investor said as the company stock surged 5%.
The news also comes in as Musk will assume oversight of Tesla sales in regions like Europe and the U.S. after close aide Omead Afshar's exit from the company earlier.
Tesla offers satisfactory Momentum, while scoring well on the Growth and Quality metrics, but the stock offers poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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