Tesla (TSLA) sales continue to crash in Europe despite new Model Y
Tesla’s sales in several key European markets continue to decline sharply in Q2 2025, despite the new Model Y, which was blamed for disappointing sales in the first quarter, now being available.
Over the past couple of years, Tesla’s sales in Europe have been declining.
In 2024, Tesla delivered 11% fewer vehicles in Europe compared to 2023 – despite having ramped up production at its Gigafactory Berlin, where it produces Model Ys for the European market.
While this was already a bad sign for Tesla, sales started to decline at a much sharper rater in 2025 compared to an already bad 2024.
In Q1 2025, Tesla’s sales in Europe declined 37% compared to Q1 2024.
Tesla shareholders were holding on to the theory that the decline was almost entirely attributable to the Model Y changeover.
The automaker updated the design and some features of the Model Y, its best-selling car, limiting availability as it updated production lines in the first quarter.
It must indeed have had an impact and Tesla also blamed the Model Y changeover for lower deliveries in Q1 during its earnings call last week.
However, it also stated that production is now back to normal in April, and yet, Tesla’s sales continue to decline in Europe.
Within the 5 European markets that report car registrations daily, Tesla is not only tracking down about 50% from the same period in 2024 (Q2 2024), but it is also tracking behind its terrible Q1 2025 despite having the new Model Y:
We are also starting to have some monthly numbers from other European markets.
In France, Tesla reportedly delivered only 863 vehicles in April. That’s down 59% year-over-year and down 24% from the first month of Q1 2025.
In Denmark, the automaker has delivered only 180 vehicles in April. That’s down a staggering 67% compared to April 2024 and 59% from January 2025, when Tesla did not yet have the new Model Y.
In Portugal, Tesla delivered only 239 vehicles in April based on registration data – down 47% year-over-year and down 39% from the first month of Q1 2025.
More data from European countries is expected to be released in the coming days, with the full dataset to be made available later this month.
In Q1 2025, Tesla’s 37% decline in sales in Europe coincided with a 24% surge in battery electric car sales.
Electrek’s Take
This is rapidly looking like a demand collapse for Tesla amid a surge in BEV sales from competitors in Europe.
Whenever you have a market leading rapidly losing market shares in a surging market, it is a massive red flag.
Tesla shareholders have been holding on to the idea that it was all due to the Model Y changeover, but that hope is fading.
It looks like Tesla’s sales are not doing much better right now, despite the new Model Y being in inventory.
You can get a new Model Y delivered today in France:
Sure, the RWD versions are coming just next month and should help a bit with volume, but Tesla has even more competition down market with Model Y.
The fact that the AWD is not selling in significant numbers should be extremely worrying.
Tesla is being squeezed out of the European market, in large part due to most consumers’ dislike for its CEO.
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Uber announced that it will offer self-driving rides powered by May Mobility on its app in Texas later this year.
The ride-hailing platform will have both Waymo and May Mobility on its platform in Texas, while Tesla plans to compete with them all in Austin soon.
Tesla is grabbing a lot of headlines with its plan to offer self-driving ride-hailing rides in Austin starting this June, but Waymo has already been providing the same in Austin on Uber’s platform for months and now a new competitor is coming to Texas.
Michidan’s May Mobility has been somewhat under the radar in the autonomous driving space, but it has been around for almost a decade and has received large funding from Toyota, BMW, and several insurance companies.
Yesterday, they announced a significant step: deploying thousands of vehicles on Uber’s platform within the next few years.
They plan to launch the first vehicles as soon as this year in Arlington, Texas:
Uber Technologies, Inc. (NYSE: UBER) and May Mobility, Inc., a leading autonomous vehicle (AV) technology company, today announced a new multi-year strategic partnership. May Mobility aims to deploy thousands of AVs on the Uber platform over the next few years, with an initial launch planned for Arlington, Texas, by the end of 2025. The partnership highlights both companies’ shared ambition to quickly scale AV use in ride-hail, broadening access to AVs across diverse markets and driving greater consumer choice.
May Mobility uses hybrid Toyota Sienna vans outfitted with its own sensor suite, and it has been launching test programs in Arlington since 2021, so it’s very familiar with the locale.
Dara Khosrowshahi, CEO of Uber, commented on the news:
“We are thrilled to be partnering with May Mobility to continue to scale the availability of autonomous vehicles across the United States. At Uber, we’re building the future of transportation, working with the world’s leading autonomous vehicle developers like May Mobility to help commercialize and deploy this technology quickly at scale around the world.”
Edwin Olson, CEO and co-founder of May Mobility, added:
“Launching on the Uber platform is a big signal to the market that May Mobility is ready to quickly expand to major markets as the pre-eminent autonomy-as-a-service provider. Uber and May Mobility will make it possible for more people across the U.S. to enjoy the transformative benefits of autonomous vehicles.”
If this project goes through, it means Uber is going to be offering driverless rides from both Waymo and May Mobility in Texas by the end of the year.
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Block shares were on track for their second-worst day Friday, plunging more than 20% as investors digested a brutal quarterly report and a wave of analyst downgrades centered on one issue: Cash App.
The first-quarter earnings miss rattled Wall Street, prompting multiple firms — including Wells Fargo, Seaport, BMO, and Benchmark — to downgrade the stock overnight. Many flagged fresh concerns around stagnant Cash App user growth, muted consumer demand, and a soft macro environment that may weigh on monetization.
“Stagnation in the number of active users of the app is even more concerning than users’ reduced spending,” Benchmark wrote in its note, downgrading Block to Hold.
The financial services company missed across the board — on revenue, gross profit, and payment volume — and slashed its full-year guidance, citing macro uncertainty, weaker consumer spending, and lower-than-expected inflows during what’s typically a strong tax refund season.
“I just don’t think we were focused enough and had enough attention on the network and the network density, and that is our foundation,” CEO Jack Dorsey said on the earnings call. “We of course want to deepen engagement with our customers through banking services and Borrow, and I have no doubt we will … but at the same time, we need to make sure that we continuously grow our network, and that starts with peer to peer.”
Cash App generated $1.38 billion in gross profit in the first quarter, up 10% from a year earlier, but shy of the $1.42 billion StreetAccount consensus. Monthly actives remained flat at 57 million — and inflows rose just 8%, despite new features like Afterpay on the Cash Card and broader efforts to position Cash App as a full-fledged banking alternative.
Block 5 day stock chart
Wells Fargo called out “numerous Cash App monetization red flags,” while Seaport pointed to several consecutive quarters of negative GPV growth. Even Morgan Stanley, which reiterated its Overweight rating, called the Cash App miss “surprising” — though it highlighted better-than-expected momentum in the Square seller business, particularly in international markets.
BMO downgraded the stock to Market Perform. Wells Fargo said it’s unwilling to “lay out for the second half Hail Mary,” moving to Equal Weight. Seaport downgraded to Neutral, writing: “Will the real Jack Dorsey please stand up?”
Still, some maintained optimism, with Bank of America reiterating its Buy rating, calling the stock undervalued, and Morgan Stanley saying it was an attractive near-term entry point.
Block’s turnaround plan hinges on lending. The company says Cash App Borrow — now approved by the FDIC to originate loans through its bank subsidiary — will double the number of eligible users and improve margins by bringing servicing in-house.
Marketing spend is also expected to jump 50% in Q2 as Block looks to reaccelerate growth in the back half of the year.
“We are not sufficiently confident in the likelihood of such a rebound to recommend buying the stock on weakness,” Benchmark wrote.
Meanwhile, rival Venmo is showing signs of momentum.
Parent company PayPal reported a 20% revenue jump for the app in Q1, driven by increased adoption of Venmo’s debit card, instant transfers, and growing volume at checkout. While PayPal didn’t disclose an exact revenue figure for Venmo, it said monetization per user is improving — the result of a clear push to embed Venmo deeper into e-commerce flows.
Two very different strategies are now unfolding: Cash App is leaning deeper into lending and banking, while Venmo is chasing spend at checkout. But the goal, however, is the same: Owning the consumer’s wallet.
Right now, Venmo appears to be gaining ground, while Cash App is regrouping.
Environment
Hyundai’s new electric SUV is here: IONIQ 9 prices start at $60,555 with 335 miles range
Hyundai’s first three-row electric SUV will arrive at US dealerships any day now. The 2026 Hyundai IONIQ 9 is an impressive SUV with up to 335 miles of driving range, fast charging capabilities, room for seven, and prices start at just $60,555.
Hyundai reveals 2026 IONIQ 9 prices and specs
After the first IONIQ 9 models rolled off the assembly line at Hyundai’s new manufacturing plant in Georgia in early March, the electric SUV is finally about to reach dealerships.
Hyundai revealed prices and specs for the 2026 IONIQ 9 on Friday as it gears up for deliveries. The three-row electric SUV starts at just $58,955. Including a $1,600 freight charge, the entry-level 2026 IONIQ 9 RWD S model costs $60,555, and that’s with a range of up to 335 miles.
Upgrading to the AWD SE model with 303 horsepower and 320 miles range will cost $64,365, including destination.
The 2026 IONIQ 9 AWD Performance Limited, with 422 horsepower, 21″ wheels, and 311 miles range, starts at $72,850, including the destination charge.
For the range-topping Hyundai IONIQ 9 AWD Performance Calligraphy Design trim, which gets added Matte paint, 21″ wheels, and 311 miles driving range, prices start at $78,090.
Hyundai’s first three-row electric SUV is also one of the first non-Tesla vehicles sold with a native NACS port for charging at Tesla Superchargers. Using a 350 kW DC fast charger, the IONIQ 9 can charge from 10% to 80% in as little as 24 minutes.
The IONIQ 9 is 5,060 mm (199.2″) long, 1,980 mm (78″) wide, and 1,790 mm (70.5″) tall, or slightly bigger than the Kia EV9.
Inside, the “lounge-like” interior provides up to 1,322 liters of cargo space, topping Kia’s three-row EV9, which has up to 1,233 liters.
All IONIQ 9 models sold in the US are built in Georgia, alongside the updated IONIQ 5, and are eligible for the full $7,500 federal tax credit. Hyundai said 2026 IONIQ 9 models will begin arriving at dealerships by early May.
| 2026 Hyundai IONIQ 9 Model | EV Powertrain | Drivetrain | Driving Range (miles) |
Starting Price (including destination fee) |
| IONIQ 9 RWD S | 160-kW (215-HP) Electric Motor |
Rear- Wheel Drive |
335 | $60,555 |
| IONIQ 9 AWD SE | 226.1 kW (303-HP) Dual Electric Motors |
All-Wheel Drive |
320 | $64,365 |
| IONIQ 9 AWD SEL | 226.1-kW (303-HP) Dual Electric Motors |
All-Wheel Drive |
320 | $67,920 |
| IONIQ 9 AWD PERFORMANCE LIMITED |
314.6-kW (422-HP) Dual Electric Motors |
All-Wheel Drive |
311 | $72,850 |
| IONIQ 9 AWD PERFORMANCE CALLIGRAPHY |
314.6-kW (422-HP) Dual Electric Motors |
All-Wheel Drive |
311 | $76,590 |
| IONIQ 9 AWD PERFORMANCE CALLIGRAPHY DESIGN |
314.6-kW (422-HP) Dual Electric Motors |
All-Wheel Drive |
311 | $78,090 |
For those interested, Hyundai is offering a free ChargePoint Home Flex Level 2 charger with the purchase or lease of any new 2026 IONIQ 9. If you already have a home charger, you can opt for a $400 charging credit.
If you’re looking for something a little smaller (and cheaper), the 2025 Hyundai IONIQ 5 is one of the best EV deals right now, with leases starting at just $209 per month. You can use our link to find 2025 Hyundai IONIQ 5 models at a dealer near you.
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