Tesla has announced to cut UK monthly lease fee nearly 50 percent in the midst of falling sales. Now the Britons can lease the electric vehicles for just over half of what they would have paid a year ago.
As reported by The Times, Tesla is offering discounts of up to 40 percent to car leasing companies to shift more units.
According to the report, Tesla is slashing fees due to scarcity of storage space for Tesla vehicles in the UK.
Tesla’s July sales in the United Kingdom declined to 60 percent to 987 units in July as reported by the Society of Motor Manufacturers and Traders (SMMT) in the latest statistics.
Moreover, British new car registrations plunged to 5 percent in July, according to SMMT.
However, in 2025 battery electric vehicles are expected to make 23.8 percent of new registrations, a slight progression from last year’s forecast of 23.5 percent.
Tesla is also struggling to maintain its hegemony in European markets in the facing of Chinese electric giant sales.
According to SMMT data, the new vehicle registration fell to 60 percent in the UK and over 55.19% in Germany.
On the contrary, BYD, the Chinese electric vehicle, outshined Tesla in European markets. UK sales surged 390 percent to 3184 units and Germany witnessed robust growth of 58 percent to 48,614 units in July.
The recent data demonstrates the regional decline in Tesla’s sales, partly driven by fierce competition from Chinese EV makers.
