Tesla Stops Taking Orders For Model X, Model S In Europe As Sales Decline: Report
Tesla Inc. has halted new orders for the Model S and Model X in Europe due to declining sales, which have dropped nearly 23% year-over-year in the region. The automaker's European website no longer features an order link for these models. In the U.S., Tesla also reported a 21% sales decline in California. Despite these challenges, Tesla has secured multi-billion-dollar deals with Korean companies for AI chipsets and energy storage. The company maintains strong momentum and quality ratings, but struggles with value.
Tesla Inc. TSLA has reportedly stopped taking new orders for the Model S and the Model X in Europe amid poor sales figures in the region.
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What Happened: When accessing the automaker's European website, under the vehicles tab, the Model S and the Model X sections do not have an "order" link, Electrek reported on Wednesday.
Tesla did not immediately respond to Benzinga's request for comment.
For other vehicles like the Model Y and Model 3, pressing the "order" button takes you to a configurator page where you can customize the vehicle to your needs, like colors, wheels, autopilot packages, and more.
Source: Tesla
Why It Matters: The news comes as Tesla has been experiencing dwindling sales in Europe, with the company recording an almost 23% YoY decline in sales in the region.
Tesla's sales have also been declining in the U.S. as the EV giant registered a 21% drop in California, despite the Model 3 and the Model Y being the best-selling models in the state.
Elsewhere, despite the poor performance in the second quarter, Tesla has signed multi-billion-dollar deals with Korean enterprises like Samsung Electronics SSNLF and LG Energy Solutions for AI chipsets and energy storage options, respectively.
Tesla scores well on Momentum and Quality, while offering satisfactory Growth, but poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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