For the first time ever, Tesla’s (NASDAQ: TSLA) Model Y was the top-selling vehicle in Europe during the month of September. The month saw 29,367 registrations for the Model Y which was up a staggering 229% on a year-over-year basis from 2021. Not only does this speak to the immediate impact that the Berlin GigaFactory has had but also of Europe’s shift towards electric vehicles.
Tesla’s not the only company taking market share in Europe. Chinese EV makers Nio (NYSE: NIO) and BYD (OTC: BYDDY) continue to expand their operations on the continent as well. Recently EV startup Mullen Automotive (NASDAQ: MULN) announced a deal to distribute I-GO’s urban EVs in Europe, while other emerging EV makers like iQSTEL (OTC: IQST) are targeting the mass market consumer.
iQSTEL, now known more as a telecom company, is designing its first electric car through its subsidiary EVOSS. The two sides have already collaborated on the EVOSS electric motorcycle, and now have their sights set on the rapidly expanding global EV market. The first electric car model should have a prototype out later this year and is targeting European markets like Spain and Portugal as its entry to the continent.
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