The actions of Tesla Inc. (NASDAQ: TSLA) were sold to a lower course on Monday, after industry data showed a drop in car sales in Spain, which seems to add to concerns about European performance.
What to know: The new registration data of the Spanish industrial group Anfac showed that Tesla sold 571 units in the country in April, a decrease of 36% over one year.
In addition, sales in the first four months of the year fell 17% compared to the same period in 2024, while the electric vehicle category saw its sales increase by 54%, suggesting that Tesla does not follow the pace of the extended growth of electric vehicles in the region.
Meanwhile, Chinese competitors such as BYD, MG et Omoda have recorded three -digit gains on the Spanish market since the beginning of the year, highlighting a change of preference for consumers. Tesla’s market share in Europe would have increased from 2.9 % to 2 % in only one year, which further strengthens investors’ concerns.
The broader decrease in sales comes as the CEO’s polarizing political activity Elon Musk has led to public events across Europe and acts of vandalism against Tesla vehicles and infrastructure. Analysts expressed concerns about the weakening of the brand’s strength following Musk’s political involvement.
Elon Musk said in recent weeks wanting to reduce his active participation in the Department of Government efficiency (DOGE) to focus on Tesla, which published disappointing financial results last month.
In the first quarter, total income dropped by 9 % over a year, automotive income that dropped from $ 20 % to $ 20 % due to a drop in deliveries, updates concerning the Y model and lower average selling prices. Tesla said that he had delivered 336,681 vehicles during the quarter, well below the estimates of analysts who rose to 377,592 vehicles.
Despite a rebound in its shares last month, during which the company won more than 23 %, Tesla’s shares remain at a less than 30 % lesson compared to last year. Reports published last week suggested that Tesla’s board of directors was planning to replace Elon Musk. Tesla quickly replied by qualifying these reports as “totally false”.
“The CEO of Tesla is Elon Musk and the Board of Directors has the greatest confidence in its ability to continue to implement the fascinating growth plan of the company,” said Tesla president, Robyn Denholm.
TSLA action price movement Tesla shares fell 2.45 % to set up at $ 280.16 when writing this article, according to Benzinga Pro.
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