Tesla (TSLA) shipped fewer vehicles made in China in April than it did a year ago, following a string of disappointing news for the electric vehicle maker's sales.
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Sales of Tesla Inc (NASDAQ:TSLA) electric vehicles made in China fell last month, while rivals saw big increases in sales, mirroring trends seen around the world after CEO Elon Musk increased his work for the US Trump administration. The US automaker's sales of locally built EVs fell 6% year-on-year in April, extending a losing streak to seven months, according to the China Passenger Car Association (CPCA), covering sales in China and exports to overseas markets, including Europe.
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New Tesla car sales plunged across Europe in April even as sales of other electric vehicle brands soared, in part due to backlash against CEO Elon Musk's support for Europe's far-right politics, as well as growing competition from both European and Chinese EV carmakers, according to Reuters.
I thought Elon Musk might have to leave Tesla, Inc. to avoid further hurting its brand, and some directors might have thought likewise. But instead, Musk is reducing his DOGE activities. Meanwhile, Musk's politics have hurt Tesla's brand, and at a time when competition is rising and economic activity is wobbling, as is the future of government support for EVs. But Wall Street seems to have forgiven and forgotten. Despite protests, disappointing TSLA financial results and laughably high valuations, TSLA is trouncing other Magnificent 7 stocks and the QQQ ETF.
Tesla (TSLA) shares slid Tuesday, extending Monday's decline as bad news continues to pile up about the electric vehicle giant's sales in Europe.
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Tesla Inc (NASDAQ:TSLA) saw UK new car sales in April fall 62% year-on-year despite a rise in overall battery electric vehicles in the month. The US EV company sold just 536 new cars in Britain, down from over 1,400 in the same month a year ago to what was a two-year low.
Elon Musk has long been credited with turning Tesla into a beacon of innovation, the visionary who pushed the world into an era of electrification. But his slide into politics — specifically his alignment with President Trump and activities within the federal government — has dragged Tesla into uncertainty.
Tesla (TSLA -1.46%) stock is moving lower following new European sales tracking data. The electric vehicle (EV) company's share price was down 2.5% as of 2 p.m.