Tesla share price dropped by 4% during Wednesday’s trading session following a report that new car sales in Europe plummeted approximately 27.9% in May, marking the fifth consecutive monthly decline. This decline in new car sales occurred despite a 27.2% increase in fully-electric vehicle sales across the region, with the U.S. EV manufacturer’s updated Model Y not yet displaying any signs of revitalizing the brand’s success.
Overall vehicle sales in Europe increased by 1.9%, with the most significant growth coming from plug-in hybrids and alternatively fueled vehicles, as indicated by data from the European Automobile Manufacturers Association (ACEA).
