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Fortune

Christiaan Hetzner

Tesla CEO Elon Musk should be cheering Europe’s booming EV market—here’s why he’s not

Elon Musk Tesla Inc. European Union Europe United States ACEA The European Union

US tech billionaire and businessman Elon Musk is seen on a large screen as Alice Weidel, co-leader of Germany's far-right Alternative for Germany (AfD) party, addresses an election campaign rally in Halle, eastern Germany on January 25. (Credit: AFP/Getty Images)

Tesla emerged empty-handed after Europe’s new car market for EVs surged by 37% in January. Its sales plummeted 45% across the EU, Norway, Switzerland, and the U.K., leading to its share shriveling to 6% from 15% just 12 months earlier.

Every Tesla investor likely knows by now Elon Musk’s car brand is underwater in Europe. The question has really only been how quickly it is sinking.

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