Tesla (NASDAQ: TSLA) shares fell nearly 5% as of 11 a.m. ET on Wednesday amid declining electric vehicle (EV) sales, particularly in Europe, where deliveries decreased by approximately 28% to 13,863 units in May, according to the European Automobile Manufacturers Association (ACEA). This decline marks Tesla’s lowest market share in Europe at 1.2%.
In the first quarter of 2023, Tesla delivered around 337,000 vehicles, the lowest in over two years, with Wall Street analysts projecting a further decline to 393,000 deliveries for Q2, an 11% year-over-year drop. Meanwhile, competitors, especially from China, are increasing their market presence despite tariffs imposed by the EU.
