"Tesla's shareholders are ready to vote tomorrow on whether to give Elon Musk an even more vast slice of the company in an effort to keep him focused on selling electric vehicles. Currently, the trolling tycoon appears a little obsessed with the UK, a place he appears to conflate with Middle Earth, which investors may or may not take into account when making their decision. What they ought to take into account is how many cars Tesla sold last month."
"Sales fell by double-digit margins in Sweden (89 percent), Denmark (86 percent), Belgium (69 percent), Finland (68 percent), Austria (65 percent), Switzerland (60 percent), Portugal (59 percent), Germany (54 percent), Norway (50 percent), the Netherlands (48 percent), the UK (47 percent), Italy (47 percent), and Spain (31 percent). Only France bucked the trend-there, a new subsidy helped bump sales by 2 percent year on year."
"Things in China were better, but not by much; Tesla sales dropped 9.9 percent in October compared to last year. And that's bound to be very bad news for the bottom line; even with record sales in Q3, Tesla saw its margins shrink, its costs climb, and its profits begin to evaporate. A common factor in both Europe and China is that Tesla now faces a huge amount of competition for EV buyers from both established OEMs and new Chinese startups."
Shareholders will vote on expanding Elon Musk's stake to keep him focused on selling electric vehicles. October new-car registration data show steep year-on-year declines across many European markets: Sweden -89%, Denmark -86%, Belgium -69%, Finland -68%, Austria -65%, Switzerland -60%, Portugal -59%, Germany -54%, Norway -50%, Netherlands -48%, UK -47%, Italy -47%, Spain -31%. Only France increased 2% after a subsidy. China sales fell 9.9% in October. Tesla's margins shrank in Q3, costs rose, and profits began evaporating. Intensifying competition and a limited model range concentrated in the Model 3 and Y contributed to weakening demand.
Read at Ars Technica
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