Tesla's sales in Europe plunged in April as the electric car maker faced backlash over Elon Musk's political work and rising competition from China-based rival BYD.
CNBC's Phil LeBeau joins 'Squawk on the Street' to discuss the latest news on Tesla, how Elon Musk expects to split his time between Tesla and DOGE, and more.
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Tesla's (TSLA) sales in the European Union (EU) tumbled for a fourth consecutive month in April, even as overall new battery-electric vehicle registrations increased.
Tesla's European sales fell by nearly 50% in April, even as overall EV sales on the continent grew. The backlash against Elon Musk has made Tesla a target for protests and hit sales around the world.
Tesla sold 7,261 cars in Europe in April, down 49% year-on-year, according to the European Automobile Manufacturers' Association. Tesla has suffered brand damage over the past few months because of CEO Elon Musk's political involvement with U.S. President Donald Trump.
Tesla Inc (NASDAQ:TSLA) is struggling in Europe, where its sales dropped 49% in April compared with the same month last year, even as demand for battery-electric vehicles rose nearly 28%. The steep decline marks the Silicon Valley EV maker's fourth consecutive monthly fall in registrations and reflects growing reputational and competitive challenges in the region.
Tesla sales in the EU slumped for a fourth consecutive month as Musk's EV maker struggled to cash in on a growing market in the bloc where Chinese rivals are expanding.
Chinese tech giant Xiaomi unveiled its second electric vehicle late Thursday, intensifying competition with Tesla Inc (NASDAQ:TSLA) and domestic rival BYD Co (HKG:1211, LSE:0HKY, OTCQX:BYDDY) in the world's largest EV market. The new mid-to-large-sized YU7 SUV boasts a driving range of up to 835 kilometers (519 miles) for its single-motor version, Xiaomi said.
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