Data published by the U.K.’s Society of Motor Manufacturers and Traders (SMMT) showed Tesla’s new car sales dropped by nearly 60% to 987 units last month, down from 2,462 a year ago.
BYD sold 3,184 units in the U.K. in July, more than quadrupling its sales from a year ago. The company enjoyed similar success in Germany, notching a year-on-year sales uptick of nearly 390%.
And people keep buying and propping up Tesla stock. Lol
Tesla stock is 50% up in the last year, despite losses in the EU and a poor outlook in the US.
Who thinks now is a good time to buy this stock?
Tesla’s stock price isn’t based on car sales, so falling car sales shouldn’t make a huge difference.
Maybe 10% of their stock price can be attributed to the auto sector, but when they can swing that much every week, it’s basically irrelevant.