New data out this week shows a sharp decline in Tesla sales in Europe. The company is facing multiple headwinds — including consumer pushback to CEO Elon Musk's political pivot to the right.
Some automakers have increased the prices of petrol engine models to encourage EV adoption, but the industry fears that customers will simply buy fewer cars.
Elon Musk's Tesla has seen sales plummet by 45 per cent across European markets in the first month of the year, causing shares in the automaker to drop by almost 10 per cent. Tesla sales in Europe fell from 18,
Tesla sales plummeted in Europe in January, suggesting waning demand for the US carmaker’s vehicles after its billionaire chief Elon Musk stepped up his high-profile interventions in the region’s politics.
Elon Musk's automaker fell to a 1% market share in Europe in January, down from 1.8% in the same month last year and behind Chinese rival SAIC.
Experts say the decline could be caused by a variety of factors, including increased electric competition and backlash to CEO Elon Musk.
Tesla's (TSLA) struggle to maintain its dominance in the electric vehicle market is intensifying in Europe, where the automaker experienced a precipitous 45% drop in sales during January.
Sales of Tesla vehicles tumbled 45% in Europe last month, even as the overall EV market picked up in the region. The stock closed 8% lower on Tuesday.
Only 9,945 Tesla EVs were registered in Europe, down from 18,161 a year ago in January, per the European Automobile Manufacturers’ Association (ACEA). Meanwhile, overall EV sales jumped 37.3%, indicating that EV demand was strong, but just not for Tesla. Germany, the UK, and the Netherlands saw the biggest gains in EV sales.
Tesla (NASDAQ:TSLA) shares tumbled 8.4% on Tuesday, wiping its market cap below $1 trillion to $970.4 billion. The stock has dropped 18% year-to-date as the electric carmaker struggles with slowing European sales,