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Tesla sales plunged 40% in July in the 27 European Union
countries compared with the year earlier even as sales overall
of electric vehicle soared, according to the European Automobile
Manufacturers’ Association. Meanwhile sales of Chinese rival BYD
continued to climb fast, grabbing 1.1% market share of all car
sales in the month versus Tesla's 0.7%.
Tesla stock fell 1.5% in afternoon trading Thursday.
Musk angered many Europeans by wading into politics there,
embracing far-right candidates, calling a British prime minister
an “evil tyrant” who belongs in prison and telling Germans
“things will get very, very much worse” in their country if they
didn't vote for the anti-immigrant Alternative for Germany
party. Protests broke out in several cities, including a hanging
of the billionaire in effigy in Milan and posters in London
likening him to a Nazi.
The company has several other problems that have hurt sales.
The company is still awaiting European regulatory approval to
allow Tesla owners there to use its most advanced
driver-assistance features available in the U.S., a big appeal
to buyers. Musk had predicted approval of its so-called
Full-Self Driving software was going to happen by March of this
year.
Another hit came from Tesla's decision to close down factories
temporarily earlier this year to retool for a new version of its
best selling Model Y sport utility vehicle
The company is hoping the introduction of cheaper Teslas in the
last three months of this year will boost sales.
Overall, the company sold 6,600 cars in July in the EU versus
11,465 a year ago. The plunge came despite a 39% surge in
battery electric vehicle sales overall.
For the first seven months of the year, Tesla sales have fallen
44%. For that entire period, as opposed to just July, Tesla
accounted for 1.2% of European sales of all types —- battery,
hybrid and gas powered —- versus 0.9% for BYD.
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