Tesla shares are having a hard time due to the recent slowdown in global sales.Accordingly, it has lost about 11 per cent, exhibiting its worst weekly performance since October.
Tesla shares have been falling for a week
This sharp decline in shares was seen with sales reports in key markets such as Germany, France, the UK and even China, one of the company’s biggest growth points. Tesla sales in Germany fell to the lowest level since 2021, while deliveries in China fell 11.5 per cent year-on-year.
This negative picture pulled Tesla’s shares down 25 per cent from the record closing level it reached in mid-December. Analysts argue that the company’s difficulties may be linked to CEO Elon Musk’s increasingly polarising political views. This, he suggests, has affected Tesla’s reputation in Europe.
For those who don’t know, Musk supported far-right parties in Germany and got into discussions with the British Prime Minister. These events also aroused curiosity as they coincided with the decline in sales in key markets in Europe.
On the other hand, while the Biden administration took a more measured approach to supporting the electric vehicle industry, policies friendly to electric vehicles began to be pursued during the Trump era. Despite the decline in the stock, Tesla remains the most expensive stock in the automotive industry.
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