Tesla Inc.'s (NASDAQ:TSLA) new vehicle registrations in the EU are continuing to drop, threatening the company's global EV delivery target for the year.

What Happened: Tesla had 18,786 new vehicle registrations in the European Union in November, marking a drop of 41% from the corresponding period last year, according to data from the European Automobile Manufacturers' Association (ACEA).

Battery electric vehicle registrations overall fell 9.5% in the EU last month to 130,757 units owing to the drop in major markets such as France and Germany.

For the full year 2023, Tesla delivered 1,808,581 vehicles around the globe. To mark a growth over last year, the company has to deliver at least 514,926 vehicles in the three months through the end of December. Tesla has never managed to deliver over 500,000 EVs in a quarter to date, making this an ambitious target.

Why It Matters: According to Tesla researcher Troy Teslike, the low sales in Europe are likely to impact Tesla's aim to prevent a drop in yearly deliveries.

"While sales have increased in China, they aren't enough to fully offset the decline. Tesla is still trying to avoid a drop in total car sales this year compared to last year, but they're struggling with demand problems in the US and Europe," Teslike said in a post on X earlier this month.

As per ACEA data, Tesla had 211,405 new vehicle registrations in the EU from January through the end of November, marking a drop of over 15% year-on-year.

Price Action: Tesla stock fell 8.3% on Wednesday to close at $440.13. Year-to-date, the stock is up 77.2%, according to Benzinga Pro data.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

• Jim Cramer Thinks Trump's Plans For Robotaxis Are 'Fanciful,' But He Is Still Bullish On Tesla Stock: 'The Musk Premium Will Work Its Magic In Other Ways'

Photo courtesy: Tesla