Tesla Recorded 83% Rise In Q1 Registrations In Germany But Another Automaker Is Growing Much Faster

Tesla Inc’s (TSLA) Germany registrations in the first quarter rose 83% year-over-year but the automaker was outdone by a division of Daimler AG (DDAIF), according to data released by the country's federal motor transport authority, Das Kraftfahrt-Bundesamt.

Tesla Recorded 83% Rise In Q1 Registrations In Germany But Another Automaker Is Growing Much Faster

What Happened: The Elon Musk-led company trailed Smart, which saw a 313.8% YoY increase in registrations — the highest such growth among all automakers.

For Q1 2021, Tesla registered 6,074 vehicles in Germany, while Smart registered 5,975 vehicles.

Other automakers that saw a rise in registrations include, Volkswagen AG’s (VWAGY) through Porsche and Bayerische Motoren Werke Aktiengesellschaft AG (BMWYY) through Mini.

Stellantis N.V. (STLA)  also saw an increase in registrations through the Alfa Romeo, Peugeot, and Fiat marques. 

Suzuki Motor Corporation SZKMYNissan Motor Co. Ltd (NSANY), and Toyota Motor Company (TM) were in the green when it came to German registrations in the quarter as well.

Volkswagen recorded the highest number of registrations under its namesake brand at 130,854, down 2.2% year-over-year.

Why It Matters: Last month, it was reported that Tesla registered a spike in January registrations that put it on the top of the pile. 

Interest in the automaker in Germany has reportedly been driven by its Gigafactory Berlin manufacturing facility.

Tesla’s sale of the European EV market fell to 3.5% in January, according to the automotive analyst Matthias Schmidt.

Price Action: Tesla shares closed nearly 3% lower at $670.97 on Wednesday and rose 0.21% in the after-hours session.

Disclosure: © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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