Tesla troubles worsen in Europe as sales slide

[Celerity]

Electric vehicle maker reports drop in key markets amid mounting pressure from Chinese and European competitors

https://www.thetimes.com/business-money/companies/article/tesla-troubles-worsen-in-europe-as-sales-slide-wg79563n3

https://archive.ph/1oS0p



Tesla’s troubles in Europe worsened in May, with figures showing a continued slide in key markets for Elon Musk’s electric vehicle maker. After disappointing sales results in April, last month brought a new wave of double-digit declines on the Continent, underscoring the mounting pressure from Chinese and European competitors.

The sharpest fall came in Portugal, where Tesla sales dropped 68 per cent year-on-year, with just 292 new registrations, while the broader EV market in the country rose 24 per cent. This was followed by France, where Tesla sold only 721 vehicles — down 67 per cent compared with May last year — marking one of the brand’s weakest months in the country in over three years.

Sweden and Denmark, long seen as supportive of electric vehicle adoption, also reported figures showing declines of 54 per cent and 31 per cent respectively. In Sweden, Tesla sold just 503 units in May. Speaking at the Qatar Economic Forum in May, Musk insisted Tesla had “no demand problem” and that even though the Continent was its weakest market, “everyone is struggling in Europe, there’s no exception”.



However, separate figures contradict the billionaire’s claims, as Chinese and European competition accelerates. In April, Chinese electric vehicle maker BYD outsold Tesla in Europe for the first time, seeing a 169 per cent increase in sales, while electric vehicle registrations of European brands such as Skoda, Ford and Citroen more than tripled in the same month compared with a year earlier.

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[OrlandoDem2]

1. And then there are those of us who won't be repeat customers.

I bought mine before I knew how crazy Eloon is.

And I can’t afford to sell.

But I surely won’t be a repeat customer in a few years. So he doesn’t appeal to first time buyers and he doesn’t appeal to a lot of current customers.

He better hope his other companies do well because Tesla is done! Anyone with half a brain won’t buy.

[edhopper]

2. Should raise the stock another 20 points