Tom Carter from Business Insider noticed that as soon as Elon Musk’s intervention to Europe’s politics, Tesla (NASDAQ:TSLA) sales plunge in the continent, falling 13% last year. Musk has been supporting right-wing political parties in Europe and promoting the slogan make Europe great again in his platform.
Sales numbers in Germany, the biggest European auto market, considerably dropped 41% even after Tesla opened its Berline gigafactory there. The sales fall in Italy and France added weight to Tesla’s overall decreasing sales across Europe.
Reduced subsidies for EVs across Europe have affected the demand for electric vehicles and Tesla is no exception.
Also, rivals like Volvo, Renault, and BMW introduced their offerings that came up with more affordable and localized EV models presenting a tough competition to Tesla.
Analysts saw that Tesla’s product lineup lacks innovations and updates, less appealing in European market that values novelty. In this regard, Tesla is redesigning the Model Y and was planning to start its deliveries in Europe in 2025 to exhibit navigate concerns over Tesla’s aging product lineup.
Currently, Elon Musk has been quite vocal and supportive of Germany’s far-right party, this has not been well received both by consumer and business. There are reports of some firms halting buying Tesla cars for the reason of Musk’s political opinions.
Tesla remains a major player in Europe and as 2025 unfolds, all eyes will be on Tesla’s performance to see if it can recover from its recent slump.
This article first appeared on GuruFocus.
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Publish date : 2025-01-24 08:49:00
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