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EU electric and plug-in hybrid car sales jump to over 1 million in 2020

Heavy traffic fills the ring road in Paris during the outbreak of the coronavirus disease (COVID-19), France, May 6, 2020. REUTERS/Charles Platiau/Files

LONDON (Reuters) – Sales of electric and plug-in hybrid cars in the European Union almost trebled to over 1 million vehicles last year, accounting for more than 10% of overall sales, data showed on Thursday.

The jump in sales shows electrified vehicles are becoming more mainstream products after years of being a niche market and it came at a time when overall EU car sales plunged nearly 24% to 9.9 million because of COVID-19 lockdowns.

The data released by the European Automobile Manufacturers Association (ACEA) showed sales of fully-electric and plug-in hybrids surged to 1.046 million vehicles from 387,808 in 2019.

Sales of self-charging hybrid cars climbed 59% to 1.182 million last year while petrol and diesel vehicle sales fell 37% and 32% respectively, the data showed. Petrol

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Tesla’s China Car Registrations Jump In May; Stock Down In Pre-Market On Analysts’ Rating Cuts

Tesla Inc.’s (TSLA) China car registrations in May jumped 150% month on month, Reuters reported citing data from auto consultancy LMC Automotive.

The U.S. electric vehicle maker’s China registrations, including imported cars, grew to 11,565 in May from 4,633 units in April.

Data from the China Passenger Car Association shows sales of Tesla’s Shanghai-made Model 3 sedan hit 11,095 units in May.

Still, shares in Tesla continued to fall in Monday’s pre-market trading declining another 3.4% to $903.45 after dropping 3.9% on Friday. Meanwhile, year-to-date the stock has more than doubled.

Last week’s start of a downward trend was triggered by two rating downgrades from analysts at Morgan Stanley and Goldman Sachs.

Morgan Stanley’s Adam Jonas lowered his rating on the stock to Sell from Hold with a $650 price target (31% downside potential) amid concerns about U.S.-China trade dynamics as well as recent price cuts of some

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