Tesla Continues Strong Global, European Performance in 2020 as Stock Drops by 18.6%

Tesla starts delivering the Model Y

Electric automaker Tesla Inc ((NASDAQ:TSLA 444.44 -18.69%)) has made headlines this year due to its performance on the stock market. Positive news from the company's Gigafactory 3 in Shanghai, China spurred investor optimism in Tesla's future, and even as the coronavirus wiped out this year's gains from markets, Tesla nevertheless came out on top with its stock having gained 115% year-to-date after the virus' impact on price.
As China now starts to look at recovery from the coronavirus outbreak, Tesla's performance in the global market has become crucial. The automaker would want to deliver another profitable quarter in March for it to continue the strong momentum kicked off by the Gigafactory 3. However, things might not be going smoothly for Tesla in Europe if we look at fresh numbers from several countries.
Looking at electric vehicle sales made in China during the Januaries of 2020 and 2019, the havoc wreaked by the coronavirus is clear. In January 2019, 96,000 electric vehicles were delivered in China, and this number shrunk by 46% to stand at 51,217 vehicles in January 2020. This drop mirrored a drop in the Chinese automobile sector; however, in good news for Tesla's management, investors and fans, the company led the Chinese electric vehicle market in January by shipping 3,600 Model 3 units.
Yet, this lead isn't ubiquitous globally, as data from Europe paints a different picture. For the continent as a whole, electric vehicle deliveries as a whole grew by 123% year-over-year to stand at 74,663 at the end of January 2020. Out of all these deliveries, Tesla has failed to make it into the top ten electric vehicle sellers for the month, despite leading globally. The company's best selling car in Europe in January was the Model 3, with Tesla delivering 1517 units of the vehicle.

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