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Key Points
Tesla (NASDAQ: TSLA) reported a significant decline in European electric vehicle (EV) sales, with October numbers showing a 48.5% drop compared to the same month last year. Additionally, Tesla’s European sales have decreased by 30% this year, despite a 26% increase in overall EV sales in the region.
Despite the sales decline, Tesla’s stock surged 9.8% this week, buoyed by CEO Elon Musk’s emphasis on the company’s advancements in artificial intelligence (AI) technology. Musk announced that Tesla has designed and deployed millions of AI chips across its vehicles and data centers and is finalizing its latest AI5 chip, with plans to introduce updated designs annually.
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