Tesla’s Sales Fall 63% In France, Europe’s Second Biggest EV Market
Tesla’s (TSLA) sales have plunged 63% in France, the second largest market in the European Union for electric vehicles (EVs).In January, Tesla sold only 1,141 electric vehicles within France, the fewest since August 2022, according to French industry association La Plateforme Automobile. Tesla badly underperformed the overall automotive industry and total electric vehicle sales in France during the month, which declined 6.2% and 0.5%, respectively.The sales decline comes as Tesla Chief Executive Officer (CEO) Elon Musk has thrown his support behind the far-right Alternative for Germany political party. Musk has also been accused on social media of giving a Nazi salute during an event celebrating U.S. President Donald Trump’s inauguration on Jan. 20. The French government has said that “Elon Musk is openly attacking European regulations and values.”Overall, Tesla’s sales across Europe declined 13% in 2024, with Germany accounting for most of that decrease. Tesla’s total sales in Germany fell 41% last year, while overall battery-electric vehicle sales declined 27% in Europe’s largest economy. Beyond politics, Tesla has struggled in Germany due to an aging model lineup, increasing competition, and the withdrawal of government subsidies in late 2023.Tesla, and other electric vehicle makers, are also struggling to comply with the European Union’s increasingly stringent emissions standards. Tesla recently reported its fourth-quarter 2024 financial results and missed Wall Street’s targets across the board amid an ongoing decline in its vehicle sales worldwide. Despite its deteriorating financial position, Tesla’s stock has risen 123% over the past year to trade at $404.60 U.S. per share.
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