Europeans still aren’t buying Teslas with figures out Wednesday showing sales plunged for a fifth month in a row in May, a blow to investors who had hoped anger toward Elon Musk would have faded by now.
Tesla sales fell 28% last month in 30 European countries even as the overall market for electric vehicles expanded sharply, according to the European Automobile Manufacturers’ Association. The poor showing comes after Tesla’s billionaire CEO had promised a “major rebound” was coming last month, adding to a recent buying frenzy among investors.
They were selling on Wednesday, pushing the prices down more than 4% in early afternoon trading.
In Tesla’s case, its because they rushed to beat the competition. You’ll notice they were a “tech company” not a traditional car company. The actual car companies came out with mature, fully baked, offerings rather than trying to be the first.
Oh boy, you haven’t heard of the ID.3, have you? Or the bzx4. Or the corsa. Or…