Tesla's (TSLA) Electric Vehicle Sales Continue to Plunge in Europe
Tesla's (TSLA) electric vehicle sales in Europe continue to decline as consumers on the continent shun the brand and Chief Executive Officer (CEO) Elon Musk.
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New electric vehicle sales from Tesla in Europe fell for a fifth consecutive month in May, dropping by 27.9% year-over-year, according to data from the European Automobile Manufacturers Association (ACEA).
Data shows that Tesla's car sales in the European Union (EU), United Kingdom (U.K.), and the European Free Trade Association fell to 13,863 units in May, down 27.9% from a year ago. Tesla's European market share is now at 1.2%, down from 1.8% in May 2024.
Downward Trend
The latest sales figures continue a downward trend for Tesla, which has suffered brand and reputational damage, in part, due to CEO Elon Musk's politics. Musk spent nearly $300 million to help re-elect U.S. President Donald Trump and subsequently held a role in the administration.
Protests erupted at Tesla dealerships across Europe and in North America in response to Musk's political involvement. The Tesla CEO has since left the Trump administration. However, Tesla's sales continue to decline, largely replaced by Chinese electric vehicle manufacturers whose sales are on the rise in Europe.
Chinese Sales Rise
Chinese automakers sold 65,808 electric vehicles in the EU in May and more than doubled their market share in the region to 5.9%. Tesla continues to face stiff competition from both traditional automakers such as General Motors (GM) as well as Chinese players such as BYD (BYDDF).
TSLA stock is down 10% on the year.
Is TSLA Stock a Buy?
average TSLA price target of $287.00 implies 11.04% downside from current levels.
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