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Tesla (TSLA) Stock Drops as Company Prepares for June Robotaxi Launch While European Sales Slump
By: coin central|2025/05/06 17:45:01
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TLDRTesla stock fell 2.4% to $280.26 on Monday despite previous gainsTesla plans to launch self-driving taxi service in June, helping support share priceUK sales plummeted 62% year-on-year in April, reaching lowest level in over two yearsEuropean markets showing similar sales declines as Tesla faces increasing competitionTesla plans to counter competition with revamped Model Y, with UK deliveries starting in JuneTesla stock dropped 2.4% on Monday as investors await the company’s robotaxi launch planned for June. The decline comes despite Tesla shares gaining 0.8% in the previous week, following an 18% jump after first-quarter earnings were reported.The first-quarter results weren’t particularly strong. Tesla reported an operating profit of $399 million, down about 66% compared to the previous year.This figure fell well short of Wall Street estimates of approximately $900 million.Despite disappointing earnings, Tesla maintained its timeline for launching a self-driving taxi service in June. This commitment has helped support the stock price.Shareholders view autonomous driving technology as a potential catalyst for new growth. Tesla is clearly emphasizing the June deadline, with the Tesla AI account on X posting a reminder that June 1 was 31 days away.Tesla, Inc. (TSLA)European Sales TroublesWhile Tesla focuses on its robotaxi plans, the company faces challenges in international markets. In the UK, Tesla’s new car sales plunged 62% year-on-year in April.This brought UK sales to their lowest level in over two years, according to data from research group New AutoMotive.The UK had previously bucked negative European sales trends for Tesla this year. In April, however, the automaker sold just 536 new cars there, down from 1,404 in the same month of 2024.This decline has reduced Tesla’s year-to-date EV market share in Britain to 9.3%.Similar sales drops have been reported in other key European markets. This slump comes as Tesla prepares to counter competition from both European and Chinese EV brands.The company plans to launch a revamped Model Y, with estimated UK deliveries starting in June.It will take a couple of months before sales data shows whether the updated version successfully wins back customers.Some analysts have connected Tesla’s European sales challenges to Elon Musk’s political activities. Musk’s relationship with U.S. President Donald Trump and his embrace of far-right politics in Europe have sparked protests.These protests have included vandalism at Tesla showrooms and charging stations across the U.S. and Europe.After Tesla’s first-quarter global sales and profit missed estimates, Musk stated he would reduce the time devoted to the Trump administration. He indicated he would instead focus more on running the company.Competition IntensifiesAs Tesla struggles in Europe, competitors are making gains. Volkswagen’s battery-electric sales in Britain jumped 194% to 2,314 vehicles last month.Even more dramatically, registrations of China’s BYD increased 311% to 1,419 cars.Overall battery-electric car registrations in Britain increased by 6.9% in April. This growth rate represents a slowdown from the previous month, attributed to broader economic conditions.Investors got a glimpse of Tesla’s self-driving technology over the weekend. Fox News host Lara Trump toured Tesla’s Austin, Texas plant and observed Tesla vehicles driving themselves off the assembly line.The transition from autonomous movement within the factory to operating on public streets represents a major technological challenge. However, Tesla appears confident in its readiness to make this leap.Before Monday’s trading, Tesla stock was down about 29% year to date. Looking at a longer timeframe, shares were up approximately 55% over the past 12 months.The drop in oil prices and news about potential new tariffs also contributed to Monday’s stock decline.The post Tesla (TSLA) Stock Drops as Company Prepares for June Robotaxi Launch While European Sales Slump appeared first on CoinCentral.
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