Tesla Sales Plunge 63% in EU’s Second-Biggest EV Market
www.bnnbloomberg.ca
Tesla Inc. registrations plummeted 63% last month in France, the European Union’s second-biggest market for battery-electric vehicles.

cross-posted from: https://lemmy.world/post/25072749

Summary

Tesla’s registrations in France dropped 63% in January, their lowest since August 2022, far outpacing the broader total EV sales’ 0.5% decline.

Tesla registrations across EU countries fell 13% last year, with Germany accounting for much of the decline.

Sales in Germany, Tesla’s biggest European market, also fell 41% last year due to an aging lineup, competition, and subsidy cuts.

CEO Elon Musk’s political involvement, including support for Germany’s far-right party, may be affecting demand.

  • UnderpantsWeevil@lemmy.worldEnglish
    14·
    22 hours ago

    Hard to take this seriously when his stock price continues to defy gravity. Elon’s going to plug the US Treasury into his company revenue streams and just suck that thang dry.

    • SoftestSapphic@lemmy.worldEnglish
      4·
      19 hours ago

      The vast majority of stocks are owned by institutional investors.

      This has led to meme stocks becoming the biggest ones, with no correlation between value and profit.

      It’s a grift, has been since the creation of mass automated trading.

      Investing in Elon Musk’s companies at this point is investing in a possible future where he and his rich friends control the US completely

      • UnderpantsWeevil@lemmy.worldEnglish
        21·
        18 hours ago

        This has led to meme stocks becoming the biggest ones, with no correlation between value and profit.

        That’s not strictly true. Berkshire Hathaway is an enormous institutional investor and Buffet / Munger are pretty naked in their valuation methodologies. They’re hardly the only Value Investors in the pool, either. That’s one reason why real estate prices have gone vertical. Once the Berkshire team saw real estate as undervalued relative to borrowing costs, they started gobbling it up aggressively.

        Investing in Elon Musk’s companies at this point is investing in a possible future where he and his rich friends control the US completely

        From what I’ve read, Elon Musk is on the receiving end of some criminally low borrowing costs relative to his extraordinarily high degree of leverage. Investing in Elon is a means of accessing elite DC power brokers, to be sure. But its also predicated on a significant amount of grifting on Elon’s own part. His businesses don’t do a particularly good job of operating as advertised. Instead - like the crypto that he loves - they ride on popular sentiment and speculative enthusiasm.

        But the theory of a big payoff end game for Elon investors doesn’t seem to materialize. Elon himself gets richer and richer, sure. But the folks he does business with? Nobody seems to be benefiting from the goods and services his company produce. Even his assets are mostly valuable because you can pass the risk on at an inflated price. Elon’s the only one who actually sees the benefits.