CNBC’s Phil LeBeau joins 'Money Movers' to discuss Tesla’s May sales.

Tesla's electric vehicle sales in Europe have experienced significant declines, with double-digit drops reported in countries such as France, Portugal, Sweden, and Denmark. In France, deliveries fell to 721 vehicles, down from over a thousand the previous year. The exception was Norway, where Tesla's sales rose by 213%, though this increase was from a relatively small base. 

The broader European market has seen an influx of new electric vehicle offerings from local automakers, driven by stricter pollution controls, increasing competition for Tesla. Chinese EV manufacturers are also accelerating sales, especially in China, intensifying the competitive landscape. Tesla is set to launch its Robotaxi in Austin, but initial commercial rides will be limited and by invitation only.

Tesla's May sales struggle

Welcome back. New Tesla sales numbers out of Europe today pointed to a continued decline. Our Phil LeBeau is with us now and has more on the numbers. Morning, Phil. Yeah, these are ugly numbers, Carl. Any way you look at it, we're getting the May sales results for electric vehicles from a number of countries since this is the second day of the month, so we're starting to see these. And anyway you look at it, they're not good for Tesla. Double-digit, major double-digit declines. Portugal, France, Sweden, Denmark, you get the picture here. Now, these are not huge numbers. For example, France, I think deliveries were 721 down from where they were, you know, over a thousand last year. But admittedly, you're seeing a decline here. As you take a look at shares of Tesla, keep in mind there was a bright spot in the news out of Europe for Tesla. Norway sales up 213%. Again, this is compared to last year and these are small numbers. The Germany May EV sales, those come out on Friday. That's the biggest market over there, perhaps the most interesting market over there. Take a look at the Chinese EV stocks and we're pointing this out because as their numbers are coming in, not just in Europe but also in China, they are showing that their sales are accelerating, especially in China. That's a story we've talked about for some time. It's a market that's been brutally competitive and Tesla has been, to a certain extent, struggling over there as that competition has ramped up. And finally, don't forget that Tesla has a big six weeks ahead of it from here to really into mid-July. The company is in June, on June 12th in Austin, the Robotaxi launch. That'll get a lot of attention. But keep in mind, it's small numbers, guys, so it won't be until the fall that we are likely going to see commercial rides begin because this is going to be by invitation only at first. Nonetheless, you guys know how this goes. Elon Musk will be there. He's been much more public since he's reasserted himself at Tesla. Wouldn't be surprised if he does an interview or two. And again, that is in Austin on June 12th. Phil, I wonder on the European sales slides, ex-Norway, how much of it is, and I know there's not a way to necessarily tell this, brand damage because of the political activities of Musk, which gets a lot of the play, or just the pure competition from China? Because wasn't Europe looking at putting up stricter barriers for Chinese EV imports like BYD? They have. They have. But, but, when you look at EV sales in China, and you're right, Sarah, they have put up stricter tariffs for pure EVs in Europe. Hybrids, no. BYD has shifted. It is selling a lot of hybrids in Europe. But the European automakers have dramatically ramped up their electric vehicle offerings. And that's given people a lot more choices. It used to be Tesla and some EVs from European automakers, but because of the mandates for pollution control over there, you've seen a dramatic increase in the number of EVs being offered by European automakers. That's having a huge impact. Got it. All right, Phil, thank you for the update. Tesla shares under pressure today.

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