Tesla stock drops over 5% intraday after EV-maker's UK sales plunge 57% YoY in January — Details here

US-based electric vehicle maker Tesla's stock price dropped more than 5% during the intraday trading session on Wednesday, 4 February 2026, after the company's sales in the United Kingdom (UK) plunged more than 57% on a year-on-year (YoY) basis in January 2026.

Tesla stock dropped 5.1% to $400.40 during Wednesday's trading session on Wednesday, compared to $421.96 at the previous US market close, according to MarketWatch data.

Tesla UK sales

According to the agency report citing data from New Automotive, Tesla sold less than half the number of cars recorded by BYD in the UK in January 2026 amid the rising competition from the Chinese rivals.

The news report mentioned that Tesla sales plunged by over 57% YoY to 647 vehicles in January, marking the steepest fall among major manufacturers. The Elon Musk-led company has been losing ground in the UK as its ageing line-up grapples with intense competition from Chinese brands such as BYD and MG.

Although Tesla launched its cheaper Model Y and Model 3 variants in the UK to jumpstart sales, BYD pushed ahead, selling 1,326 EV cars in January 2026. Even the US rivals like Ford sold 2,271 cars in the UK market.

“British consumers are still moving towards cars with plugs, and away from those without,” Tanya Sinclair, CEO, Electric Vehicles UK, told the news agency.

Tesla stock price

Tesla stock price was trading 3.55% lower at $407.05 as of 12:10 p.m. (EDT) during Wednesday's US stock market session, compared to $421.96 at the previous market close, according to MarketWatch data.

Shares of Tesla have given US stock market investors more than 43% returns on their investment in the last five years, and over 4% returns in the last one-year period.

On a year-to-date (YTD) basis, the company's shares have lost 6.76% on Wall Street, and are trading 6.67% lower in the last five sessions on the US stock market, according to the market data.

Tesla stock hit its 52-week high level at $498.83, while the 52-week low level was at $214.25, according to MarketWatch data. The company's market capitalisation (M-Cap) stood at $1.58 trillion as of the trading session on Wednesday, 4 February 2026.

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Disclaimer: This story is for educational purposes only. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.