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Tesla Inc. (NASDAQ:TSLA) shares are gaining momentum Wednesday. The uptick follows fresh data showing a demand recovery in Europe, providing a reprieve from a long period of declining regional sales.
The Nasdaq is up 0.68% while the S&P 500 has gained 0.61%.
European Registration Growth
After 13 months of declines, Tesla reported a 29.1% year-over-year increase in European registrations for February, according to data from InsideEVs. This includes the European Union, the U.K. and The European Free Trade Association countries.
Total registrations for January and February combined reached 20,941 units, marking a 16.7% increase over the previous year.
Competition and Market Share
Despite the rebound, Tesla faces stiff competition from BYD Co Ltd (OTC:
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