(Bloomberg) — Tesla Inc.’s sales plunged 45% last month across Europe, where rival carmakers saw a surge in electric-vehicle demand.
The Elon Musk-led company registered only 9,945 cars in January, down from 18,161 a year ago, according to the European Automobile Manufacturers’ Association. EV sales soared 37% for the overall industry, with carmakers posting big gains in Germany and the UK.
Tesla shares fell 6% as of 10:01 a.m. Tuesday in New York. The stock has tumbled 23% this year.
Tesla is changing over production lines for by far its most popular vehicle, the Model Y SUV, and contending with its chief executive officer becoming an increasingly polarizing figure in global politics. After emerging as a leading donor to Donald Trump during last year’s US election cycle, Musk set his sights on Europe, backing far-right parties and attacking incumbents.
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