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(Bloomberg) -- Tesla Inc.’s new-vehicle registrations fell further in France, undercutting Chief Executive Officer Elon Musk’s assertion last month that the carmaker has recovered from its early-year sales slump.

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The automaker sold only 721 cars in May, down 67% from a year earlier, according to French industry association Plateforme Automobile. Tesla’s registrations were the lowest since July 2022, despite the company rolling out a redesigned version of its most popular vehicle, the Model Y.

Tesla shares dropped as much as 2.3% before the start of regular trading Monday. The stock has declined 14% this year.

Musk recently denied the need for a plan to improve Tesla’s fortunes, telling Bloomberg News in a May 20 interview that the company had “already turned around.” While the CEO claimed Tesla was seeing sales decline along with every other carmaker in Europe, manufacturers including Volkswagen AG, Renault SA and BMW AG increased deliveries in the first four months of the year.

Tesla’s sales have fallen 47% through May in the second-biggest market for electric vehicles in the European Union. The Federal Motor Transport Authority in Germany, the EU’s largest EV market, is scheduled to release May figures on June 6.

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