Tesla Stock Falls as Bad News About Europe Sales Continues to Roll In
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Key Takeaways
Tesla shares declined for a second straight session on Tuesday as the electric vehicle maker continues to get bad news about sales in Europe.
Tesla registrations in Germany and the United Kingdom fell 46% and 62%, respectively, in April compared to a year earlier.
The data follows figures from Spain on Monday that also showed declining demand for Tesla vehicles.
Tesla (TSLA) shares slid Tuesday, extending Monday's decline as bad news continues to pile up about the electric vehicle giant's sales in Europe.
Tesla vehicle registrations, often used as a proxy for sales, declined 46% in Germany and 62% in the United Kingdom in April compared to a year earlier, according to data released Tuesday by industry groups in the respective countries.
The data comes a day after similarly disappointing figures out of Spain, which showed that Tesla's Model 3 and Model Y declined in April. Registrations in the month were down 55% to 81% in other European countries like Belgium and Sweden, Bloomberg reported Tuesday.
The declines come even as Tesla has ramped up production of its revamped Model Y, which was released earlier this year and some analysts hoped would lead to a sales boost. The company said when it reported first-quarter production and deliveries last month that its changeover to manufacturing the new Model Y cost it several weeks of production.
Tesla has been the target of protests in recent months as people in the U.S. and abroad have looked to voice their displeasure about CEO Elon Musk's involvement in the Trump administration. Musk said during last month's earnings call that he plans to scale back his government work to one or two days per week this month, and focus more on Tesla.
Tesla shares were down 2% in recent trading, and have lost more than 30% of their value so far this year.
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