Tesla’s Electric Vehicle Sales Fall Another 40% In Europe

Sales of Tesla’s (TSLA) electric vehicles have fallen another 40% in Europe as consumers shun the brand and buy products from other automakers. In July, Tesla’s European sales fell for a seventh consecutive month, while Chinese rival BYD saw its sales triple year-over-year during the month. New car registrations of Tesla vehicles totaled 8,837 in July, down 40% from a year earlier, according to the European Automobile Manufacturers Association (ACEA). At the same time, BYD recorded 13,503 new electric vehicle registrations in July, up 225% from a year ago. Overall sales of electric cars rose in Europe last month, according to the sales data, making Tesla’s decrease even more notable. Tesla faces intense competition in Europe and reputational damage to the brand from Chief Executive Officer (CEO) Elon Musk’s relationship with U.S. President Donald Trump. Analysts say Tesla is struggling as it has not had a major refresh of its vehicle line-up in nearly a decade. The company has also failed to launch a more affordable electric vehicle, as promised. Some critics also grumble that management is focused on trying to convince investors that Tesla is not really a car company by talking about artificial intelligence (A.I.) and robots. Now, Tesla finds itself competing against Chinese automakers that are launching new models aggressively, and at lower prices. Chinese electric vehicle brands now command a record 5% market share globally, and growing, according to the latest sales data. TSLA stock has declined 8% this year to trade at $349.60 U.S. per share.