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Shares of Tesla (TSLA) rose on Tuesday despite new data showing that European sales sank about 50% year-over-year in April. Yahoo Finance Senior Autos Reporter Pras Subramanian and Barron's associate editor Al Root discuss the data and Elon Musk's pledge to spend more time on his companies.
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across Tesla facing rising competition, brand damage in Europe. Um, and these are not small declines that they are seeing.
No, not at all. You know, so EV registrations, which are a proxy for sales in Europe, uh, fell a whopping 49% in April compared to year goes per the the larger ECAA, which is the European auto body there. Uh, meanwhile, overall EV registrations in the region rose 34.1% in April. Uh, so showing that the EV sales are still, uh, EVs are still popular in Europe. It's just not Teslas. We're seeing gains here with Volkswagen, BMW, even China's BYD and SAIC, another Chinese automaker. So EVs, again, still popular, just not Teslas. Um, and these, these, these results also include the effect of the new updated Model Y, its best-selling vehicle. It was suggested that this new vehicle would, would increase sales because people would be possibly waiting for that to come out. It appears that that hasn't been the case. So Tesla's demand problems in Europe, like you mentioned, Julie, are, are real and ongoing.
And, Ross, what we have here, Elon Musk says he's back to spending 24/7, 24 hours a day, seven days a week at work. Okay, mattresses on the factory floor, I guess.
Yeah, I mean, once again claiming is RTO, right, is real here over the weekend, responding to an x.com outage. Must said, quote, I'm back to spending 24/7 at work, sleeping in conference rooms like you said, uh, following this x.com outage and that he must be super focused on X, XAI and Tesla, plus the Starship launch next week, as we have critical technologies rolling out. So a little maybe perhaps egregious there with the sleeping at work in the conference floors, as he likes to say. But, you know, since April's Q1 earnings where Musk has been teasing the fact that he's returning to work, and then last week with two interviews with CNBC and Bloomberg, again saying that he's going to be back spending less time in Washington as his political activity sort of fade. Uh, I think there was some, he was surprised by the fact that he didn't get much done in Washington and that he also faced a lot of deep blowback from his activities. That was sort of in a recent Atlantic article about him. Um, so the quicker he gets back to work, sort of the better as he gets out of the political limelight. But, you know, you know, Musk has been known as a drama seeker, right? Uh, so who knows how long that will last for him as he kind of goes back to work and stays out of that political limelight.
All right, maybe they'll start selling Tesla pillows under the lifestyle section on the Tesla shop online. Ross, thanks so much.
Yeah.
