Tesla sales in Europe continue to plummet

Sales fell for the fifth consecutive quarter.

Transcript

00:00Europeans are making it clear they don't want to drive Teslas. Tesla sales in

00:05Europe fell for a fifth straight month in May. They were down almost 28 percent

00:10from the same time last year according to data from the European Automobile

00:14Manufacturers Association. That's just over 13,800 cars sold. The EV maker is

00:20facing brand and reputational damage in Europe following Elon Musk's

00:24controversial comments and US political involvement but also competition is

00:29heating up from Chinese EV makers like BYD which sold more pure battery EVs in

00:35Europe than Tesla for the first time ever last month despite having a higher

00:39tariff rate. To be fair Europe makes up a small percentage of Tesla sales but its

00:44European market share continues to shrink. It dropped to 1.2 percent from 1.8

00:49percent in May of last year and the declining sales appear to be Tesla

00:53specific because the overall EV market in Europe is booming. Sales of battery

00:58electric vehicles jumped more than 27 percent year-over-year in May. That'll do

01:03it for your daily briefing from the New York Stock Exchange. I'm Caroline Woods with

01:07The Street.