Tesla’s European Sales Plunge Amid Musk Meddling
Get caught up.
Tesla saw its sales plunge 45% across Europe last month despite a rise in demand for electric vehicles for rival carmakers. Founded by billionaire Chief Executive Officer Elon Musk, the company registered just 9,945 cars across the continent in January, down from 18,161 a year ago, according to figures from the European Automobile Manufacturers’ Association. Tesla’s stock dropped on the European sales figures, sinking the company’s market value below $1 trillion.
The company is revamping production lines for its most-popular Model Y vehicle, may partly explain the dip in registrations. Inventory shortages in some markets also had an impact.