Tesla Sales Plunge 63% in EU’s Second-Biggest EV Market
www.bnnbloomberg.ca
Tesla Inc. registrations plummeted 63% last month in France, the European Union’s second-biggest market for battery-electric vehicles.

Summary

Tesla’s registrations in France dropped 63% in January, their lowest since August 2022, far outpacing the broader total EV sales’ 0.5% decline.

Tesla registrations across EU countries fell 13% last year, with Germany accounting for much of the decline.

Sales in Germany, Tesla’s biggest European market, also fell 41% last year due to an aging lineup, competition, and subsidy cuts.

CEO Elon Musk’s political involvement, including support for Germany’s far-right party, may be affecting demand.

  • CleoTheWizard@lemmy.worldEnglish
    341·
    17 hours ago

    Why? Shareholders do not care about the health of the company so long as its stock price is high. And Teslas stock price is not based on any fundamental principle of investing.

    Their market cap, or the total value of all their shares, is currently worth more than the next 30 largest auto manufacturers COMBINED.

    Let me put it this way: Every single car sold in the United States this year could be made by Tesla and they still wouldn’t even be close to being worth what they are right now based on company fundamentals. Thats how insane this is. Shareholders of the company couldn’t be happier and yet their company is declining in sales and killing off its customer base. Absolutely insane.

    • merc@sh.itjust.worksEnglish
      4·
      16 hours ago

      Why? Shareholders do not care about the health of the company so long as its stock price is high.

      And so long as it continues to remain high as long as they remain shareholders. Do Tesla shareholders really think Tesla is going to keep its value? Do they think that what Musk is doing as CEO is really helping enhance that value? I mean, when was the last time he actually did any work as Tesla CEO?

      • CleoTheWizard@lemmy.worldEnglish
        21·
        16 hours ago

        No they don’t think it will hold that value, yes they think that musk is helping enhance it (and I agree), no they don’t think his actions as CEO are helping their core fundamentals, and quite possibly his last actions were years ago unless you count him being at their press events as work.

        This isn’t unique to Tesla btw, they’re just the largest example. Nvidia is also right behind them.

    • wootfiebre1@lemmy.zipEnglish
      23·
      10 hours ago

      The product isn’t the cars. It’s all the data he’s vacuuming up from the rubes who keep buying them.

      • merc@sh.itjust.worksEnglish
        81·
        10 hours ago

        I’m sure Tesla gathers data, but pretending that a $50,000 car isn’t the actual product is pretty silly.

        • wootfiebre1@lemmy.zipEnglish
          1·
          1 hour ago

          I’m obviously being a bit hyperbolic but I don’t think it’s unfair to say that the data is worth an awful lot in the long run and is a cornerstone of the balance sheet.