Tesla’s stock is experiencing a decline due to a significant drop in new car sales in the UK and Germany, with sales hitting two-year lows.
Key Highlights
- New car sales in the UK plummeted 62% year-over-year in April, with only 536 new cars sold, compared to 1,404 in the same month last year.
- In Germany, sales dropped 45.9% year-over-year, with 885 cars sold in April. From January to April, the company sold 5,820 vehicles, marking a 60.4% decline from the previous year.
- Despite the decline in Tesla’s sales, overall electric vehicle registrations in the UK and Germany saw an increase of 6.9% and 53.5%, respectively, in April.
Cybertruck Inventory on the Rise
The company’s Cybertruck inventory has skyrocketed to approximately 10,000 units, up from around 2,400 units at the start of the year. This significant buildup in inventory may be raising concerns about demand or production efficiency, putting additional pressure on Tesla’s stock.
Investor Concerns
Investors are weighing Tesla’s performance against its competitors in the expanding electric vehicle market. The decline in European sales, combined with the rising Cybertruck inventory, may be contributing to the stock’s downward trend.
Current Stock Price
As of the latest update, Tesla’s stock is trading 1.8% lower at $275.26. The company’s stock price may continue to be affected by its sales performance and inventory management in the coming months.