Tesla Sales Slump Continues in Europe Amidst Controversy and Competition
Tesla’s European sales experienced a fifth consecutive monthly decline in May, plummeting 28% across 30 countries despite overall electric vehicle market expansion. This poor performance contradicts CEO Elon Musk’s prediction of a “major rebound” following factory retooling, and investors are now anticipating a sales boost from a planned cheaper model later in the year. The sales slump has been particularly notable in Germany, where Musk’s public support for a far-right party has likely impacted sales, and SAIC Motor surpassed Tesla in European sales. Tesla’s recent struggles coincide with the launch of its robotaxi service in Austin, Texas, which is under scrutiny following videos of safety issues.
John Q. Hosedrinker