Europeans still aren’t buying Teslas with figures out Wednesday showing sales plunged for a fifth month in a row in May, a blow to investors who had hoped anger toward Elon Musk would have faded by now.
They were selling on Wednesday, pushing the prices down more than 4% in early afternoon trading.
Musk had said Tesla was sure to get a boost once the company was done retooling its factories to produce a new version of its biggest seller, the Model Y. But that was finished months ago, and the new models are widely available. Investors are now hoping that a cheaper Tesla expected to be out later year will help reverse the sales decline.
SAIC sold 18,716 vehicles last month versus Tesla’s 8,729.
Federal traffic safety regulators said Tuesday they were looking into the videos.
