Europeans still aren’t buying Teslas with figures out Wednesday showing sales plunged for a fifth month in a row in May, a blow to investors who had hoped anger toward Elon Musk would have faded by now.
Tesla sales fell 28% last month in 30 European countries even as the overall market for electric vehicles expanded sharply, according to the European Automobile Manufacturers’ Association. The poor showing comes after Tesla’s billionaire CEO had promised a “major rebound” was coming last month, adding to a recent buying frenzy among investors.
They were selling on Wednesday, pushing the prices down more than 4% in early afternoon trading.
That would also tank the stock price though.
Sooner or later, the stock price will tank. It’s actually quite something that it is still that high, if anyone needed anymore proof that stock investors are not smarter than average Joe.
But Tesla sales are crashing worldwide, not just because of the brand, but because competition has caught up and is now getting ahead. Robo-taxis are going to compete with players that are years ahead on self-driving and safety concerns are going to force Tesla to trim down their price (assuming they manage to no longer need their “safety monitors”, in which cas they will just not happen).
Humanoid robots are a tool that needs to find a use justifying its price (and there again, we might see competition from China…).
What’s left??
Short term yes but I think they could quickly recover beyond where they are now if Tesla managed to keep some good press coming.