Tesla's European Sales Hit 15-Month Low

Tesla's European Sales Hit 15-Month Low

Tesla's sales in Europe dropped to their lowest in 15 months in April, marking a rough start to the second quarter for the company. CEO Elon Musk had anticipated better performance compared to the year's first quarter. According to the European Automobile Manufacturers’ Association, Tesla registered 13,951 vehicles in April, down 2.3% from the previous year. This figure is the company's lowest since January 2023 and contrasts with the 14% rise in overall battery-electric vehicle sales across the industry.

Tesla also faced a downturn in shipments from its Shanghai factory, despite China’s plug-in car market experiencing strong growth. Musk attributed the first quarter’s production issues to Red Sea shipping disruptions and a suspected arson attack on power lines near Tesla’s German SUV plant. He expressed optimism for a better performance in the second quarter during the first-quarter earnings call on April 23.

Tesla's stock fell by up to 1.8% in pre-market trading on Wednesday and has dropped 25% this year. The decline in sales is partly due to reduced electric vehicle subsidies in countries like Germany and Sweden. This has led to overall sluggish growth in Europe’s EV market. Other manufacturers, such as Volkswagen and Mercedes-Benz, are adjusting their strategies, focusing more on plug-in hybrids and extending the production of combustion engine vehicles.

In Germany, Tesla’s sales dropped 32% in April compared to the previous year, while overall EV registrations remained stable. In the UK, Tesla’s registrations fell 25% in April and have decreased by 14% in the first four months of the year.



Tesla Europe Sales NEWS From: https://finance.yahoo.com/news/tesla-sales-europe-fall-15-083601211.html

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