Tesla sales skid in Europe in May despite EV rebound
PARIS: Tesla sales sank again in Europe last month as rising competition and Elon Musk's ties to US President Donald Trump cut into demand despite a growing electric car market, industry figures showed on Wednesday.
Sales of battery-electric vehicles jumped by 25 percent in Europe in May compared to the same month last year, according to the ACEA, the trade association of European car manufacturers.
Tesla, meanwhile, sold 40.2 percent fewer cars in May.
The drop in demand for Tesla cars has been linked to its ageing fleet, competition from European and Chinese rivals, and consumer distaste for Musk's work in the Trump administration.
Musk left his role as the US government's cost-cutter at the end of May and had a public falling-out with Trump earlier this month over the US president's spending bill.
During the first five months of 2025, Tesla sales fell 45.2 percent from the same period last year.
The US company's market share of Europe's total automobile market has fallen to 1.1 percent from two percent last year.
Tesla's slump comes as EV sales in Europe rebounded by 26.1 percent in the first five months of the year.
Battery-electric cars accounted for 15.4 percent of all cars sold in May, up from 12.1 percent in the same month last year.
The EV market share is 'still far from where it needs and was expected to be', said ACEA chief Sigrid de Vries.
Tesla rolls out robotaxis in Texas test
The EU aims to end sales of new internal combustion engine cars in 2035, but high prices and a perceived lack of charging infrastructure have given consumers pause.
'Consumer reluctance is by no means a myth, and we need to incentivise a supportive ecosystem – from charging infrastructure to fiscal incentives – to ensure the uptake of battery-electric models can meaningfully accelerate,' added de Vries.
Overall, car sales rose by 1.6 percent in Europe last month, but were down by 0.6 percent in the first five months of the year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
35 minutes ago
- Express Tribune
French giants Olympique Lyon relegated to Ligue 2
French football club Lyon has been relegated to Ligue 2 due to ongoing financial difficulties. Lyon's demotion was confirmed by the DNGC, the French body responsible for overseeing the financial health of professional football clubs. Despite meetings between Lyon officials, including owner John Textor, and the DNGC on June 24, the club was unable to convince the body that their financial situation had sufficiently improved to reverse the decision. Lyon's debts, which stood at £422m last October, have been a source of concern for the governing body, and despite recent efforts to raise funds through player sales, the club's financial future remains precarious. The club, which has won seven Ligue 1 titles, including a historic seven consecutive championships between 2002 and 2008, has not played in Ligue 2 since 1989. Lyon's relegation could have wider repercussions for Premier League side Crystal Palace. Textor, who holds a majority stake in Lyon, also owns a 43% share in Palace. 🚨 OFFICIAL: Olympique Lyon have been relegated to Ligue 2. The club has the possibility to appeal the decision. — Fabrizio Romano (@FabrizioRomano) June 24, 2025 However, he agreed to sell this stake to New York Jets owner Woody Johnson earlier this week. UEFA rules prevent multiple clubs under the same ownership from competing in the same European competition, meaning that Palace's spot in the Europa League could be jeopardised if Lyon's relegation is upheld and Uefa deems the multi-club ownership as a breach of regulations. Lyon officials expressed confusion over the decision, calling it "incomprehensible," and have announced plans to appeal the ruling. The club's statement also pointed to recent efforts to resolve their financial issues, such as player sales, including the £45m earned from selling Maxence Caqueret to Como and Rayan Cherki to Manchester City, as well as the release of high-earning players like Alexandre Lacazette. Despite these efforts, the DNGC's decision stands for now. Lyon's relegation comes just months after the financial struggles faced by Bordeaux, another French club relegated from Ligue 1 due to similar financial problems. As Lyon prepares for their appeal, the outcome could have lasting implications, not just for the French club, but also for Crystal Palace, as they await clarity on their participation in European competitions next season.
Business Recorder
an hour ago
- Business Recorder
Buying rally continues, KSE-100 settles with over 500 points gain
A day after gaining over 6,000 points, the buying rally continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index settling with a gain of over 500 points on Wednesday. Positive momentum persisted throughout the trading session, pushing the KSE-100 Index hit an intra-day high of 123,256.55. At close, the benchmark index settled at 122,761.64 level, an increase of 515.01 or 0.42%. On Tuesday, the PSX surged to a record high, driven largely by investor optimism following a ceasefire agreement between Iran and Israel. The benchmark KSE-100 Index rose significantly 6,079 points or 5.23%, settling at record level of 122,246 points. This marked the second-highest single-day increase in terms of points. Internationally, Asian stocks stabilised on Wednesday as crude oil hovered near multi-week lows, as a ceasefire between Israel and Iran buoyed sentiment, even as hostilities threatened to flare up again. The US dollar wallowed close to an almost four-year trough versus the euro with two-year U.S. Treasury yields sagging to 1 1/2-month lows as lower oil prices reduced the risk to bonds from an inflation shock. The shaky truce has so far held, although Israel says it will respond forcefully to Iranian missile strikes that came after US President Donald Trump had announced an end to the hostilities. In addition, US airstrikes did not destroy Iran's nuclear capability and only set it back by a few months, according to a preliminary U.S. intelligence assessment, contradicting Trump's earlier comments that Iran's nuclear programme had been 'obliterated'. Japan's Nikkei and Australia's stock benchmark were flat, while Taiwan's index gained 1%. Hong Kong's Hang Seng rose 0.6% and mainland Chinese blue chips eased 0.1%. US stock futures were little changed. An MSCI index of global stocks held steady after climbing to a record high overnight.
Express Tribune
3 hours ago
- Express Tribune
Iran parliament approves bill to halt cooperation with IAEA
Listen to article Iran's parliament approved a bill on Wednesday to suspend cooperation with the UN nuclear watchdog International Atomic Energy Agency (IAEA), state-affiliated news outlet Nournews reported. Iran parliament votes to suspend cooperation with International Atomic Energy Agency Follow Press TV on Telegram: — Press TV 🔻 (@PressTV) June 25, 2025 The move, which needs the final approval of Iran's Supreme National Security Council to be enforced according to Nournews, follows an air war with Israel in which its longtime enemy said it wanted to prevent Tehran developing a nuclear weapon. Read: Iran declares end to 12-day 'Israel-imposed' war Parliament Speaker Mohammad Baqer Qalibaf was quoted by state media as also saying Iran would accelerate its civilian nuclear programme. Tehran denies seeking nuclear weapons and says a resolution adopted this month by the IAEA declaring Iran in breach of its non-proliferation obligations paved the way for Israel's attacks. The parliament speaker was quoted as saying the IAEA had refused even to appear to condemn the attack on Iran's nuclear facilities and "has put its international credibility up for sale". Read: US Intelligence report contradicts Trump's claim on Iran nuclear strikes success He said that "for this reason, the Atomic Energy Organisation of Iran will suspend its cooperation with the Agency until the security of the nuclear facilities is guaranteed, and move at a faster pace with the country's peaceful nuclear programme". Earlier this week, parliament's national security committee approved the bill's general outline and the committee's spokesperson, Ebrahim Rezaei, said the bill would suspend the installation of surveillance cameras, inspections and filing of reports to the IAEA. Following the Israeli attacks on its nuclear sites, and US bombing of underground Iranian nuclear facilities at the weekend, the Iranian government also faces calls to limit the country's commitments to the nuclear non-proliferation regime. In an interview with Qatar's Al-Araby Al-Jadeed on Tuesday, Foreign Minister Abbas Araqchi said: "I think that our view on our nuclear programme and the non-proliferation regime will witness changes, but it is not possible to say in what direction".
