Tesla has seen its European sales fall tumble, prompting the company’s shares to slump by almost 10 per cent.
The electric car maker’s EU and UK sales fell by almost half in January, with the shares slump taking the company’s valuation below $1 trillion for the first time since November 2024, the BBC reports.
Whilst Tesla has been facing growing competition from other manufacturers, but it’s likely that the behaviour of their CEO Elon Musk haven’t helped sales.
The billionaire has spent the last few months campaigning for Donald Trump to become president, backing far-right European parties, doing Nazi salutes and spouting misinformation, and it turns out this isn’t ideal for brand image.
In a post on X, BBC News’ economic editor Faisal Islam wrote: “Thumping fall in Tesla sales in Jan across Europe (EU +Efta + UK)… down 45%, to 9,945 from 18k last Jan.
“In EU alone halved to 7,500… at the same time EV sales in general up 37%. Shares down 10%.”
Islam said Tesla had now been “overtaken by Jaguar Land Rover and Mazda”, whilst the company has also been overtaken by Chinese manufacturer BYD in the UK.
He added: “New model Y factor, but Musk hit too?”
Online, many couldn’t help but enjoy the thought that Musk might be reaping what he sows.
One person joked: “Shouldn’t @ElonMusk have to tell the @Tesla board five things he did last week?”
Another suggested Tesla might want to “replace their CEO.”
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