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Tesla’s Europe sales plunge 49% on brand damage, rising competition

  • Tesla sold 7,261 electric vehicles in Europe in April 2024, marking a 49% sales decline from 14,228 units in April 2023.
  • This drop followed backlash against CEO Elon Musk's political involvement, intensifying competition, and factory shutdowns to upgrade Model Y production.
  • Meanwhile, the European battery electric vehicle market grew about 28% overall, driven by rising sales of rivals like Chinese automaker BYD, which overtook Tesla in April.
  • Tesla’s market share in Europe shrank from 1.3% to 0.7%, with global deliveries falling short of expectations and first-quarter net income dropping 71%.
  • These trends signal sustained challenges for Tesla in Europe and suggest a market shift toward Chinese competitors, although CEO Musk remains optimistic about 2025 growth.
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The Motley Fool broke the news in Alexandria, United States on Sunday, May 25, 2025.
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