Tesla Faces Global Sales Woes: What Does This Mean for Investors?
According to sources, sales of the electric vehicle manufacturer continued to decline in some important areas last month, which caused shares of Tesla (TSLA) to lose ground on Wednesday. In May, sales in Germany, Italy, and the UK fell once more. According to sources, shipments from the company’s Chinese manufacturing, which are shipped both inside and outside of China, also decreased last month. But there has also been some good news recently for Tesla, as CNBC and Reuters report that sales increased in Australia and Norway in May.
Tesla Expects June Sales Boost in UK After Model Y Stock Sells Out
In the U.K., where a spokesperson stated that the carmaker had sold out of its stock of Model Y SUVs as it anticipated the arrival of the new model, the business stated that it anticipates sales to increase in June, at least in that country. Earlier this year, the updated Model Y was introduced in the United States.
Tesla Faces Global Sales Drop as Musk’s Political Ties Spark Backlash
On Wednesday, Tesla’s stock closed nearly 4% down. Elon Musk‘s promise to focus on Tesla and his other businesses triggered a rise, but it has stalled in recent weeks, and they are down more than 17% since the year began. Due to criticism of Musk’s ties to the Trump administration, the EV manufacturer has suffered a decline in sales both domestically and internationally so far this year.
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