Tesla’s UK car sales slump 46% in May, data shows<\/p>\n
A group of activists criticizing Elon Musk and Tesla’s policies hold a protest outside a Tesla dealership in London’s Park Royal district, on April 12, 2025 in United Kingdom.<\/p>\n
Anadolu | Anadolu | Getty Images<\/p>\n
Tesla<\/a>‘s new car sales in Britain fell 46% year-on-year in May, according to preliminary data from research group New AutoMotive.<\/p>\n Tesla sold 1,758 units in Britain last month, down from 3,244 in the same period of last year. Despite losing some of its market share, the company remains the best-selling battery electric vehicle maker in Britain so far this year. \u00a0<\/p>\n The U.S. EV maker’s European sales have suffered<\/a> in recent months, due to rising competition and a backlash over CEO\u00a0Elon Musk<\/a>‘s rhetoric and political activity.<\/p>\n Industry groups on Monday reported significantly lower May sales for new Tesla vehicles in Spain, Portugal, Denmark and Sweden.<\/p>\n In Norway, however, Tesla’s new car sales jumped 213%<\/a> in May from a year ago, data published Monday showed. The upswing in Norway, a global leader in sustainable transportation, was primarily driven by sales of Tesla’s revamped Model Y compact sports utility vehicle.<\/p>\n \u2014 Sam Meredith<\/p>\n Trump’s 50% steel tariffs could see European steelmakers lower prices <\/p>\n The European steel industry is set to see a mixed impact on prices after U.S. President Donald Trump said tariffs on steel imports<\/a> will double from 25% to 50% on June 4.<\/p>\n The latest tariffs will cause U.S. domestic prices of steel to increase, which will put pressure on Canada and Mexico, the biggest steel exporters to the U.S. This will redirect steel to cheaper markets like Europe, favoring regional buyers, Josh Spoores, head of steel Americas analysis at CRU, told CNBC on Tuesday.<\/p>\n European steelmakers will meanwhile be hard hit by the duties and forced to lower prices, according to Kaye Ayub, head of price analysis and forecasts at U.K.-based steel market consultancy MEPS International. <\/p>\n “Steel demand is already low across Europe, eroding prices and domestic steelmaker’s profit margins. This has forced many producers to cut production and close plants as they struggle to compete with low-cost steel imports produced in countries where production costs are much lower,” Ayub said.<\/p>\n Any curtailment of the 3.89 million metric tons of EU-produced steel that was exported to the U.S. in 2024 due to trade barriers would “likely exacerbate steel oversupply in Europe, applying increased downward pressure to selling prices,” Ayub noted.<\/p>\n Read the full story here.<\/a><\/p>\n \u2014 Sawdah Bhaimiya, Jenni Reid<\/p>\n Here are the opening calls<\/p>\n Bank of England and the Royal Exchange in the City of London on 24th March 2025 in London, United Kingdom.\u00a0<\/p>\n Mike Kemp | In Pictures | Getty Images<\/p>\n Good morning from London. This is CNBC’s live blog covering all the action in European financial markets on Wednesday, as well as business news, analysis, earnings and data.<\/p>\n Futures data from IG on Wednesday morning suggests London’s\u00a0FTSE<\/a>\u00a0will open 6 points higher at 8,788, Germany’s\u00a0DAX<\/a>\u00a0up 56 points at 24,135, France’s\u00a0CAC 40<\/a>\u00a0up 20 points at 7,780 and Italy’s\u00a0FTSE MIB<\/a> 60 points higher at 40,155.<\/p>\n U.S. tariffs are once again in focus on Wednesday after President Donald Trump\u00a0said last week<\/a>\u00a0that he will double tariffs on steel imports from 25% to 50% on June 4.<\/p>\n The European Union criticized the hike, saying such a move “undermines” its trade deal negotiations with the U.S. An EU spokesperson said that the bloc was “prepared to impose countermeasures<\/a>.” A temporary 25% tariff remains for the U.K. until its trade deal with the U.S. comes into force.<\/p>\n Nonetheless, analysts say European steel buyers and some manufacturers could benefit from the higher metals tariffs<\/a> as they could put downward pressure on steel prices in the region.<\/p>\n \u2014 Holly Ellyatt<\/p>\n What to look out for today<\/p>\n People walk in front of the Polish Central Bank (NBP) in Warsaw, Poland, September 25, 2023.\u00a0<\/p>\n Kacper Pempel | Reuters<\/p>\n It’s a quiet day for earnings and data, although Spanish and Italian services purchasing managers’ index data, which measures activity in the sector, will be released.<\/p>\n Poland’s central bank will also be announcing its latest monetary policy decision on Wednesday.<\/p>\n \u2014 Holly Ellyatt<\/p>\n Overnight action in Asia-Pacific and the U.S.<\/p>\n Asia-Pacific markets<\/a> advanced overnight, boosted by a tech rally on Wall Street that was led by chipmaker\u00a0Nvidia<\/a> on Tuesday.<\/p>\n Shares in the artificial intelligence darling advanced nearly 3%, extending Monday’s gains and driving Nvidia’s market cap\u00a0past Microsoft<\/a>‘s\u00a0for the first time since January. Chip companies\u00a0Broadcom and<\/a>\u00a0Micron Technology<\/a>\u00a0rose more than 3% and 4%, respectively.<\/p>\n President-elect Lee Jae-myung arrives to attend a public vote count broadcast event hosted by the Democratic Party near the National Assembly in Yeouido, Seoul, South Korea, on June 4, 2025.<\/p>\n Nurphoto | Nurphoto | Getty Images<\/p>\n South Korean markets also rose overnight as opposition party leader\u00a0Lee Jae-myung won the presidential<\/a>\u00a0election. <\/p>\n Meanwhile, U.S. stock futures were little changed early Wednesday<\/a> after the S&P 500 notched a second straight day of gains.<\/p>\n The recent comeback rally has investors increasingly confident stocks have turned a corner on tariffs, especially after a series of reversals from President Donald Trump convinced traders the White House is mainly wielding high levies as a negotiating tool. <\/p>\n A\u00a0federal court striking down<\/a>\u00a0Trump’s tariffs just last week added to hopes the market has priced in the worst of the tariffs, though they were later\u00a0reinstated temporarily<\/a>\u00a0by an appeals court.<\/p>\n \u2014 Holly Ellyatt, Sarah Min and <\/p>\n","protected":false},"excerpt":{"rendered":"Tesla’s UK car sales slump 46% in May, data shows A group of activists criticizing Elon Musk and…\n","protected":false},"author":2,"featured_media":156815,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3091],"tags":[5189,51,3085,2441,5191,16,15],"class_list":{"0":"post-156814","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-breaking-news-europe","9":"tag-business","10":"tag-business-news","11":"tag-markets","12":"tag-stoxx-600","13":"tag-uk","14":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114623742121499064","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/156814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=156814"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/156814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/156815"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=156814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=156814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=156814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}