In just 48 hours, Elon Musk’s net worth plunged by $68 billion, following a steep collapse in Tesla’s European sales and waning investor confidence. According to Reuters, Tesla’s July sales in Europe fell by 45% compared to the same period last year—most drastically in Germany (-55%) and the UK (-60%)—even as the broader EV market grew.
The downturn signals brand-specific trouble, not market decline. Chinese rival BYD saw its sales skyrocket—quintupling in Germany and quadrupling in the UK—highlighting Tesla’s slipping grip on a once-dominant market. Investors were further spooked after an underwhelming robotaxi reveal and a lukewarm reception to a refreshed Model Y, leading to a $68 billion market value drop.
Beyond product struggles, Elon Musk’s controversial public persona may be alienating European consumers, who favor brands aligned with environmental responsibility and stability over political drama. Once Tesla’s growth engine, Europe is now tilting toward more trusted alternatives like BYD and Hyundai.
Unless Tesla delivers real innovation and Musk dials back his political antics, the company risks losing its stronghold in one of the world's most crucial EV battlegrounds.
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