Tesla’s Europe Market Share On The Rise As Ethereum Outperforms Bitcoin

Tesla’s Inc. (NASDAQ:TSLA) fortunes in Europe are increasingly improving after coming under pressure in recent years amid stiff competition. The US automaker is selling more electric vehicles than any other in the region, putting it neck-to-neck with Volkswagen, which has been its biggest rival.

Tesla Market Share

Its market share is once again increasing after coming under pressure since 2019. The increased market share could be attributed to Tesla selling more cars than any other car company in 18 markets in the region. Data published by the European Electric Car Report indicates the company sold 23,814 cars.

Tesla’s year-to-date market share in the European electric car space has risen to about 15%, behind only Volkswagen and Stellantis. Immediate indication is that the market share could power through the 20% level from13% as of 2020.

While Tesla has hinted at delays in ramping up production in Europe, the same are likely to be offset by increased exports to the region. Immediate estimates indicate Tesla’s European volumes could increase to highs of 229,000 units before year-end.

In 2019, Tesla commanded a 31% market share on selling 109,000 cars. Its market share declined to about 13% on selling about 98,000 vehicles in 2020, falling behind Volkswagen and an alliance made up of Renault, Nissan, and Mitsubishi.

Ethereum Rally

Ethereum remains the center of attention in the cryptocurrency market, powering to record highs of $4,000. The rally came as Bitcoin struggled to bounce back to the $60,000 level. Dogecoin is another coin under immense pressure, plunging by more than 30% over the weekend.

Ethereum, as the second-largest cryptocurrency by market cap, continues to elicit strong interest going by the recent price gains. Increased use of the Ethereum blockchain is the catalyst that continues to support price gains in Ether.

The European Investment Bank issuing a $121 million bond on Ethereum affirms the increased institutional support of the Ether ecosystem. Increased institutional interest and use has seen ETH futures market value surge to record highs above the $10 billion mark.

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