Political alliances and rival automakers are hurting sales.
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00:00Electric vehicle sales soared across Europe in the first three months of the year, but don't tell that to Tesla.
00:05Despite EVs getting a 24% bump to begin 2025, Tesla sales in the region plunged 36%.
00:11According to auto industry trade groups in Europe, Tesla saw a 62% drop in sales in the UK, a 59% drop in France, and a staggering 81% decline in Sweden.
00:22Sales have dropped for a few reasons, one of which has been Elon Musk's political ties.
00:26Aside from his role as Doge director, Tesla's CEO has backed far-right candidates in Germany and in the UK.
00:32The threat of tariffs is also causing car buyers to look elsewhere, and there's growing competition from China's BYD, which is poised to overtake Tesla as the world's largest EV maker at some point in 2025.
00:43Tesla has had a rocky overall start to the year.
00:45In January, it reported 2024 was the first year in which it ever saw a decline in annual sales.
00:50And then in Q1 of 2025, it reported a 71% drop in net income.
00:55That'll do it for your daily briefing.
00:57From New York City, I'm Kelsey Barbario with The Street.