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2w ago

Tesla and Volvo Struggle as EV Market Dynamics Shift

Tesla faces steep European sales declines linked to brand backlash and competition, while Volvo navigates tariff pressures and falling electrified vehicle demand.

A person smashes a Tesla car, donated anonymously and destined for scrap during a stunt organised by the group Everyone Hates Elon, part of a campaign against Tesla CEO Elon Musk’s political involvement in the U.S. government, in London, Britain, April 10, 2025. REUTERS/Hannah McKay/File Photo
The Tesla logo is seen at the Everything Electric, the Home Energy & Electric Vehicle Show, in London, Britain, April 16, 2025. REUTERS/Maja Smiejkowska/File Photo
Signage at a Tesla store in Colma, California on Jan. 2, 2025. Photographer: David Paul Morris/Bloomberg

Overview

  • Tesla's European sales plunged up to 81% in April, with significant losses in Sweden, the Netherlands, and France, despite overall EV demand rising across the continent.
  • Volvo reported a 32% drop in global EV sales for April, attributing the decline to U.S. tariffs on Chinese imports and shifting consumer preferences.
  • Elon Musk's political affiliations and involvement with the Trump administration have sparked protests and vandalism at Tesla locations, further impacting brand perception.
  • Chinese automaker BYD continues to capture market share in Europe with competitively priced EVs featuring advanced charging technology, pressuring legacy brands like Tesla and Volvo.
  • Volvo has reorganized its operations, creating a new 'Americas' region and ramping production of its EX30 model in Belgium to mitigate tariff challenges and align supply with demand.