While the CEO of Tesla tries to secure the largest corporate payout in history, sales of the electric car manufacturer Tesla continue to fluctuate and fall, Gizmodo reports, writes UNN.
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Although the company's sales in the US surged by 12% year-over-year in the third quarter, many observers attribute this jump to the expiration of the US electric vehicle tax credit (consumers likely rushed to buy EVs while it was financially beneficial, as is commonly believed). However, as Teslerati reports, the company's operating profit for the same period decreased by approximately 40%. Prior to this, Tesla's second-quarter results showed a 13% drop in US sales, and some experts expect the company's decline to continue.
In Europe, the situation is not very good, the publication writes. According to Reuters, Tesla sales significantly decreased in October compared to the previous month. According to the publication, the number of car registrations, which it calls a "proxy" for sales, fell by 89% in Sweden, 86% in Denmark, 31% in Spain, and 50% in Norway. At the same time, as the publication notes, overall electric vehicle sales in Europe increased by 119% during the same period. The company's sales in Sweden and the Netherlands have been falling for several months.
However, there is a positive point for Tesla: not all of its European divisions have faced a decline. Reuters notes that Tesla sales in France increased by approximately 2.4%. It is also noteworthy that the recent losses occurred after the automotive company saw a small increase in sales in Europe in September. Specifically, in Norway and Spain, the company showed moderate growth last month.
Reuters attributes Tesla's problems in Europe to common reasons: competition from Chinese EV manufacturers who have released new models, and a backlash against the company's CEO, Elon Musk, for his attempts to interfere in politics – both in the US and in Europe.
As the publication notes, despite his company experiencing noticeable difficulties, Musk is trying to become the world's first trillionaire "with an obscene Tesla compensation package that is unprecedented in virtually all respects." The Tesla board of directors stated that "if they don't give Musk money and thus make him absurdly rich, he may be motivated to leave the company."
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