Tesla Hits A Speed Bump In Europe With Sales Plummeting 49% As CEO Elon Musk’s Politics, Rising Competition Hurt EV Giant

Tesla Inc.’s (TSLA) car sales in the European market fell 49% year-on-year in April as CEO Elon Musk’s focus on politics and increasing competition in the region appears to have taken a toll on the electric vehicle giant.

According to data from the European Automobile Manufacturers’ Association, or ACEA, Tesla sold 7,261 cars in the European Union, European Free Trade Association, and the U.K. in April, down 49% year-on-year (YoY) from 14,228 units in the same period a year ago.

Tesla’s shares were up more than 5% at the time of writing.

Tesla’s market share in the battery electric vehicle segment for April almost halved to 0.7%, from 1.3% a year ago.

This marks a continued decline in its sales in the European market – the company has been struggling across key geographies such as the U.K. and Germany, among others.

This is worse than Tesla’s March sales in the region – the EV maker witnessed a decline of 28% during the month, relatively better than its performance in April.

Following widespread protests and criticism, Musk announced in April that he would take a step back from his duty of running President Donald Trump’s Department of Government Efficiency (DOGE).

Tesla bull Dan Ives said in March that Musk’s DOGE duties created a “black cloud” over the stock.

A February poll of retail traders on Stocktwits showed most of them viewed Musk’s politics as a drag on the Tesla stock.

However, Tesla’s ageing lineup failed to see a revival in sales in the region even after the introduction of the refreshed Model Y.

This comes at a time when sales of battery electric vehicles rose 27.90% in the region, according to ACEA data.

On the other hand, Tesla’s Chinese rivals, such as BYD, have sped past the Musk-led EV giant – BYD posted a 359% YoY surge in its April sales, surpassing Tesla in absolute numbers for the first time in Europe.

Tesla’s stock has declined by 11.71% year-to-date, but it has more than doubled over the past 12 months, with gains of 101.68%.

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