Tesla’s Electric Vehicle Sales In Europe Declined 49% In April
Sales of Tesla’s (TSLA) electric vehicles in Europe were cut nearly in half during April as the U.S. company and its leader Elon Musk grapple with reputational damage and rising competition.Tesla sold 7,261 of its cars in Europe during April, a 49% year-over-year decline, according to the European Automobile Manufacturers’ Association (ACEA). The plunge in Tesla’s sales occurred even though overall electric vehicle sales rose 34.1% year-over-year in Europe in April.Tesla has become a toxic brand in many jurisdictions due to Chief Executive Officer (CEO) Elon Musk’s political entanglements with U.S. President Donald Trump. Tesla’s European sales fell nearly 40% year-over-year between January and April of this year, data from the ACEA shows. To try and stem the decline and boost sales, Tesla has launched an upgraded version of its Model Y electric sport utility vehicle (SUV), but its overall line-up is ageing and losing ground to newer electric vehicle models from competing automakers.Other recent data showed that Chinese automotive giant BYD (BYDDF) has sold more electric vehicles in Europe than Tesla for the first time.European consumers are also shifting to hybrid gas-electric vehicles, cars that have a battery but still mainly run on gasoline. Hybrid electric vehicles now account for more than 35% of the European car market, according to ACEA.Tesla does not have any hybrid gas-electric models. The company only sells full battery-powered vehicles.Shareholders of Tesla have openly questioned Musk’s dedication to the company as he has focused in recent months on advising President Trump and his Department of Government Efficiency. In recent weeks, Musk has pledged to rededicate himself to Tesla and his other business ventures, and spend less time in Washington, D.C.In a speech delivered earlier in May, Musk said he remains committed to running Tesla for the next five years.So far this year, the stock of Tesla has declined 11% to trade at $339.34 U.S. per share.
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