Benzinga | Mar 4, 2021 03:20AM EST

Tesla Saw 78% Surge In German Registrations In 2020 The Highest Of Any Automaker By Far

German registrations of Tesla Inc (NASDAQ:TSLA) vehicles saw a 78% YoY surge as of January, according to data released by Germany's federal motor transport authority, Das Kraftfahrt-Bundesamt.

What Happened: The Elon Musk-led company blazed ahead of domestic manufacturers such as Volkswagen AG (OTC:VWAGY), Bayerische Motoren Werke AG (OTC:BMWYY), and Daimler AG (OTC:DDAIF) marque Mercedes whose registrations grew by 0%, 1.9%, and 2.1% respectively.

Other global carmakers also trailed Tesla with Toyota Motor Corporation (NYSE:TM) registrations down 0.4% and Ford Motor Company (NYSE:F) up by 3.1%.

Why It Matters: This is not the first time Tesla has zoomed past its rivals in Germany, in November it was the only automaker to see registrations rise in the country.

Tesla's upcoming Gigfactory Berlin has reportedly spurred the interest of local buyers in the automaker.

On Tuesday, it was reported that Tesla is losing overall share in the European EV markets as registrations in 18 key markets fell to 1,619 in January from 1,977 a year earlier in the same month.

The Palo Alto, California-based automaker also faces increased competition from Chinese rivals in Europe as both Xpeng Inc (NYSE:XPEV) and Nio Inc (NYSE:NIO) have ambitions in the region.

Price Action: Tesla shares closed nearly 4.8% lower at $653.20 on Wednesday and gained 0.11% in the after-hours trading.

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