Europeans angry with Musk still aren't buying his cars as Tesla sales drop for fifth month in a row
Tesla sales fell 28% last month in 30 European countries even as the overall market for electric vehicles expanded sharply, according to the European Automobile Manufacturers' Association. The poor showing comes after Tesla's billionaire CEO had promised a 'major rebound' was coming last month, adding to a recent buying frenzy among investors.
They were selling on Wednesday, pushing the prices down more than 4% in early afternoon trading.
Musk had said Tesla was sure to get a boost once the company was done retooling its factories to produce a new version of its biggest seller, the Model Y. But that was finished months ago, and the new models are widely available. Investors are now hoping that a cheaper Tesla expected to be out later year will help reverse the sales decline.
Overall, battery electric vehicle sales rose 25% in Europe compared to a year earlier. The market for EVs was particularly strong in Germany, where Musk has angered potential buyers by publicly supporting the far-right, anti-immigrant Alternative for Germany party in elections. Overall EV sales there leapt 45%.
China's SAIC Motor was the big winner for the month with its European sales of EVs and other kinds of cars jumping 38%. That has allowed the company to leapfrog Tesla, which a year ago was selling more cars in the region.
SAIC sold 18,716 vehicles last month versus Tesla's 8,729.
The sales drop for Tesla comes at a crucial time for the company as it launches a test run of its driverless 'robotaxis' service in Austin, Texas. Musk says that if goes well, he expects to introduce the service in several other cities in quick succession and have as many as a million of the automated cabs on roads by the end of the year.
Reviews so far have been mostly good, but the service is limited to a dozen or so cars and some passengers have circulated videos of problems during their rides, including one showing a robotaxi heading down a lane for opposing traffic.
Federal traffic safety regulators said Tuesday they were looking into the videos.
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Bernard Condon, The Associated Press
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Article content This press release should be read in conjunction with Westaim's unaudited interim consolidated financial statements (the 'Financial Statements') and management's discussion and analysis for the three and six months ended June 30, 2025 and 2024 (the 'MD&A') which were filed on SEDAR+ at These documents and the Company's Q2 2025 Investor Presentation can be found on the Company's website at Article content Non-GAAP Financial Measures Article content Westaim reports its Financial Statements using GAAP and accounting policies consistent with IFRS. Westaim uses both IFRS and non-GAAP measures to assess performance. The Company cautions readers about non-GAAP measures that do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures used by other companies. Readers are urged to review Section 15 Non-GAAP Measures in the MD&A (available on SEDAR+ at which is incorporated by reference into this news release and discloses historical figures for book value per share in respect to the three and six months ended June 30, 2025 as well as additional disclosures regarding this measure. Additionally, Adjusted EBITDA is a new non-GAAP measure that was introduced as a result of the company's previously announced strategic transaction with CC Capital that closed on April 3, 2023, as described more fully in Section 15 of the MD&A. Article content Long-Term Incentive Plan Amendments Article content Pursuant to the requirements of the TSX Venture Exchange (the ' TSXV '), the Company also today announces that it has amended its long-term equity incentive plan (the ' LTIP ') to permit awards under the LTIP to be granted to persons providing services to Ceres Life. 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With a team of over 180 employees in offices around the world, Arena provides creative solutions for those seeking competitive capital and flexibility to engage in custom transactions. For more information, see Article content Westaim's common shares are listed on the TSXV under the trading symbol 'WED'. Article content For more information, visit our website at or contact: Article content Cautionary Note and Forward-Looking Statements Article content This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (' forward-looking statements '), including with respect to l. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as 'anticipate', 'achieve', 'could', 'believe', 'plan', 'intend', 'objective', 'continuous', 'ongoing', 'estimate', 'outlook', 'expect', 'project' and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions 'may' or 'will' occur. These statements are only predictions. Article content Forward-looking statements are based on the opinions and estimates of management of Westaim at the date the statements are made based on information then available to Westaim. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements including past practice of the Company. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of Westaim, which may cause Westaim's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Article content No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company's business are contained under the heading ' Risk Factors ' in its annual information form for its fiscal year ended December 31, 2024. Article content Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Article content Article content Article content Article content Article content Article content
