Tesla Sales in Europe Fell By 52% in April

Sales of Tesla electric cars in Europe fell by over 50% in April compared to the same month last year, according to the European Automobile Manufacturers Association.

This marks the fourth consecutive month of declining sales in the region for Tesla, which has seen its sales fall precipitously since the start of the year.

Registrations for new Tesla vehicles fell nearly 53% across the EU in April compared with the same month in 2024. Across the broader region, which includes the United Kingdom, Norway, and Switzerland, sales cratered by 49% that same month compared to last year.

The drop in registrations suggests the brand damage caused by Elon Musk's political interventions may be lasting.

The company may also be suffering from its lack of tire print in the hybrid market with many motorists still wary of going fully electric, says Russ Mould, the investment director at stockbroker AJ Bell.

Chinese electric vehicle (EV) manufacturer BYD is launching fierce competition too. It has reduced the price tag of its Seagull Hatchback by 20% to CNY55,800 (£5,741), less than a fifth of the cost of Tesla's cheapest car, the model 3, which sells for £39,990 in the UK.

Tesla launched an upgraded version of its Model Y sports utility vehicle this year, but its overall line-up of cars is still aging, with no new mass market offering unveiled to date.

Reference Sources

1. cnnen - Tesla has a Europe problem
2. chiangraitimes - A Trade Group Reported That Tesla Sales in Europe Fell By 52% in April.
3. theguardian - Tesla sales slump across Europe amid backlash against Musk
4. telegraph - Tesla’s European sales halve in a month as Musk boycott bites
5. cnbc - Tesla's Europe sales plunge 49% on brand damage, rising competition

China's industrial profits maintain growth momentum in April despite trade tensions

(Source: AFP)

China's industrial profits rose for a second consecutive month in April, according to official data, indicating economic resilience in the face of trade tensions with the U.S. and lingering deflationary pressures at home. Cumulative profits at major industrial firms climbed 3% in April after returning to growth in the first quarter of this year, rising 0.8% from a year earlier, reversing the trend of declines since the third quarter of last year. In the first four months of this year, industrial profits rose 1.4%, the data showed.

U.S. President Donald Trump slapped eye-watering tariffs of 145% on imports from China last month, drawing Beijing to retaliate, effectively amounting to a mutual trade embargo between the world's two largest economies. Both sides agreed to lower most of those levies earlier this month, following a trade truce struck during a meeting between the Trump administration and Chinese leadership in Geneva.

The import curbs risk derailing China's largely export-led economic recovery, with analysts warning that up to 16 million jobs could be lost if exports to the U.S. fall by 50% and the 90-day truce Beijing and Washington struck earlier this month cannot be converted into a lasting arrangement.

Reference Sources

1. aawsat - China’s Industrial Profits Maintain Growth Momentum in April Despite Trade Tensions
2. bussinesstimes - China’s industrial profits maintain growth momentum in April despite trade tensions - The Business Times
3. straitstimes - China’s industrial profits maintain growth momentum in April despite trade tensions
4. cnbc - China's industrial profits rise 3% in April after output beat estimates despite U.S. tariffs
5. thestarmy - China's industrial profits maintain growth momentum in April despite trade tensions

ASEAN leaders agree tariff deals with U.S. should not harm members

(Source: Reuters)

Leaders of the Association of Southeast Asian Nations (ASEAN) have agreed to pursue bilateral discussions with the United States on tariff-related issues, while ensuring such negotiations do not compromise the interests of member states.

Malaysian Prime Minister Anwar Ibrahim said there was consensus during the leaders' summit in Kuala Lumpur that any deals negotiated with Washington would ensure the interests of the region as a whole were protected.

The ASEAN meeting came at a time of global market volatility and slowing economic growth, and amid uncertainty over a trade war that has ensued since U.S. President Donald Trump's announcement of sweeping "liberation day" tariffs.

Southeast Asia is among the regions hardest hit by the tariffs, with six of its countries facing levies of between 32% and 49% in July if negotiations on reductions fail.

Reference Sources

1. bussinesstimes - Asean to push bilateral tariff talks with US without undermining regional unity, says Malaysia’s PM Anwar - The Business Times
2. nikkei - ASEAN tilts toward China and Gulf states as Trump tariffs bite
3. bussinesstimes - Not contradictory for individual Asean members to engage US on tariffs: PM Wong - The Business Times
4. cna - ASEAN faces ‘moment of truth’ to step up or risk losing relevance in a changed world: PM Wong
5. gmanetwork - ASEAN leaders agree tariff deals with US should not harm members

The CommonWealth English daily news digest is a service curated by the CommonWealth English team with the help of AI tools.

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