Tesla (TSLA) Sales Sink 49% in Europe Amid Rising Competition, Brand Woes
Tesla (TSLA, Financials) sold just 7,261 cars in Europe this April, marking a 49% drop from the same time last year, according to the European Automobile Manufacturers' Association. The slump stands out even more given that overall battery electric vehicle sales in the region rose 34.1% during the same period.
Sales over the JanuaryApril stretch also fell nearly 40%, as Tesla continues to face blowback tied to CEO Elon Musk's political ties with U.S. President Donald Trump. Protests erupted at Tesla dealerships across Europe earlier this year, and investors have been increasingly vocal about Musk's divided focus. While Musk said he'll scale back his government advisory work by the end of May, he still plans to spend a day or two per week on those duties, while pledging to lead Tesla for another five years.
Although Tesla rolled out a refreshed Model Y earlier this year, its lineup is aging and lacks new mass-market models. Competition is also intensifying. Chinese rival BYD recently outsold Tesla in Europe for the first time, and traditional carmakers are gaining ground. Hybrid vehicles, which Tesla doesn't offer, now make up over 35% of the European auto market, according to ACEA.
As rivals push forward and customer preferences shift, investors are watching whether Tesla can steady its position in a key global market.
See insider trades for TSLA. Explore financials.
This article first appeared on GuruFocus.
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