Tesla sales in Europe plunged 37 per cent last month even as demand for electric cars revved up.
The company, led by Elon Musk, sold just 8,220 vehicles in the European Union in August.
Chinese rival BYD’s sales trebled to more than 9,000. Tesla has now sold just 85,673 cars in the EU this year, down by 43 per cent year-on-year.
That was despite demand for electric cars from European motorists climbing 30 per cent last month and by 25 per cent for the year so far. Competition from the likes of BYD and a consumer boycott against Musk have wounded Tesla.
The tycoon’s previous prominent position in Donald Trump’s administration, which saw him impose huge cuts on US spending, including on aid for the world’s poorest.
That led to protests against Tesla that included showrooms being set on fire. Musk has fallen out with Trump and left the US administration but that appears not to have revived demand in Europe.
Slow lane: Electric car-maker Tesla, led by Elon Musk (pictured), sold just 8,220 vehicles in the European Union in August while Chinese rival BYD’s sales trebled to more than 9,000
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
#Car #crash #Musk #Tesla #sales #plunge #despitedemand #electric #cars #revving
