Tesla's Europe sales plunge 49% on brand damage, rising competition

Elon Musk interviews on CNBC from the Tesla Headquarters in Texas. European sales of Tesla vehicles plunged in April, as the U.S. electric carmaker continues to face reputational damage regionally and rising competition. Tesla sold 7,261 cars in Europe in April, down 49% year-on-year, according to the European Automobile Manufacturers' Association (ACEA). That drop came even as overall battery electric car sales rose 34.1% annually in April. Tesla has faced brand damage over the past few months because of CEO Elon Musk's political involvement with U.S. President Donald Trump, with protests erupting at Tesla dealerships across Europe in March. Tesla sales tanked nearly 40% year-on-year over the January-April period. The company launched an upgraded version of its Model Y sports utility vehicle this year, but its overall line-up of cars is still ageing, with no new mass market offering unveiled to date. At the same time, Tesla continues to battle rising competition from traditional ... Read full article.