Summary
Tesla’s sales in Europe collapsed in April, plunging over 50% in several countries despite an overall 23.9% rise in EU EV sales.
Sweden saw an 81% drop, the Netherlands 73.8%, and France 59%.
The refreshed Model Y failed to revive interest as buyers turned to alternatives, citing CEO Elon Musk’s controversies or superior competitors.
Tesla’s Q1 EU market share fell from 2.4% to 1.3%. Including the UK and EFTA, sales dropped 37.3%. Globally, 2024 was Tesla’s worst delivery year in two years, raising doubts about a near-term recovery.
I don’t understand why their stock is still 51% higher than it was one year ago.
It went down significantly since the beginning of the year (~-25%) but less that it went high after November election (~+100%).
Because Tesla is a meme stock.
It’s price has always been completely decoupled from the number cars they sell, and depends on musk constantly lying and promising fully working humanoid robots and self driving taxis by next year.
Because Tesla stock is essentially a meme stock and always has been. It’s not based on the actual boring making of cars, but rather the strength of musk’s bullshit powered reality distortion field.
There’s always some vaporware next big thing that he pitches, but never actually delivers on which is used to justify their ridiculous valuation.