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Tesla sales plunge across Europe

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CNN
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Tesla’s sales continue to dive across Europe even as car buyers there increasingly buy electric vehicles.

Tesla sales were down sharply in April in the United Kingdom, the Netherlands, Denmark and Portugal, as well Sweden and France, according to monthly sales figures.

Just like in the United States, Tesla CEO Elon Musk’s politics has inspired backlash and protests across Europe. Musk has backed some far-right political candidates in Germany and the UK. And given his high-profile role in the Trump administration, anger over the threat to slap steep tariffs on European imports could also be turning off some European buyers.

In the UK, one of the few European markets where Tesla reported stronger sales in the first quarter, April sales plunged 62%, according to UK auto industry trade group SMMT. The drop came even as overall EV sales rose 8% in the UK for the month.

Tesla sales were also down 67% in Denmark, 74% in the Netherlands and 33% in Portugal, according to data from trade groups in each of those countries. Sales were also down 81% in Sweden, and 59% in France, according to Reuters.

Tesla doesn’t report monthly sales and doesn’t break out sales by market. It did not respond to a request for comment on its April sales.

Activists of the Tesla Takedown movement protest outside a Tesla electric car showroom in Berlin, Germany. In Germany, many people are opposed to Tesla company owner Elon Musk's outspoken support of the far-right Alternative for Germany (AfD) political party.

European Tesla sales are falling for reasons beyond just Musk’s reputation. Some of the drop is due to increased EV competition from other automakers, particularly Chinese rival BYD, which is poised to pass Tesla as the world’s largest EV maker this year.

Tesla has not issued guidance on its 2025 sales volume. But some analysts expect a drop in Tesla’s full-year sales given both its recent sales declines and the backlash against Musk.

“In short, the second quarter of 2025 is (again) shaping up to be a disaster of a quarter for Tesla, following the disaster that was the first quarter,” said analyst Gordon Johnson of GLJ Research, one of the most bearish on Tesla stock.

Across Europe, Tesla suffered a 36% drop in sales during the first three months of the year, according to the European Automobile Manufacturers’ Association. That’s even as EV sales in that market rose 24% in the period.

This comes on the heels of Tesla reporting its first drop in annual sales for 2024, and the biggest drop in quarterly global sales in history during the first quarter. That resulted in net income falling 71% in the quarter. Tesla had to rely on the sale of regulatory credits to legacy automakers in order to report any profit at all.



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Trump’s Oval Office meeting with Carney didn’t reach Zelensky-level tension. But it wasn’t all neighborliness

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CNN
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It wasn’t the most contentious meeting the Oval Office has ever seen. Nor was it the warmest.

Instead, the highly anticipated meeting Tuesday between President Donald Trump and his new Canadian counterpart Mark Carney fell somewhere in the middle: neither openly hostile nor outwardly chummy, evincing very little neighborliness, at least the type used on neighbors one likes.

The midday talks illustrated neatly the new dynamic between the once-friendly nations, whose 5,525-mile border — the world’s longest — once guaranteed a degree of cooperation but which, to Trump, represents something very different.

“Somebody drew that line many years ago with, like, a ruler, just a straight line right across the top of the country,” Trump said in the Oval Office as his meeting was getting underway. “When you look at that beautiful formation when it’s together – I’m a very artistic person, but when I looked at that, I said: ‘That’s the way it was meant to be.’”

That is not how Carney believes it was meant to be.

“I’m glad that you couldn’t tell what was going through my mind,” Carney told reporters later that day about the moment Trump made that remark.

Still, Carney didn’t entirely hold his tongue.

In a meeting dominated by Trump’s comments — he spoke 95% of the time on all manner of topics, from the Middle East to Barack Obama’s presidential library to the state of high-speed rail in California — it was the new prime minister’s pushback on the president’s ambition to make Canada the 51st US state that stood out.

“As you know from real estate, there are some places that are never for sale,” he said, drawing a begrudging “that’s true” from Trump before Carney carried on.

Trump Carney oval.jpg

Carney tells Trump: Canada isn’t for sale

02:32

“We’re sitting in one right now. You know, Buckingham Palace that you visited as well,” he continued, as Trump nodded another “true.”

“And having met with the owners of Canada over the course of the campaign last several months, it’s not for sale,” he concluded. “It won’t be for sale ever.”

With that statement, Carney essentially accomplished what he’d come to Washington to do, stating in the clearest terms possible that Canada would not be annexed by its southern neighbor.

Of course, he’s been saying that for weeks, most vocally during last month’s federal election in Canada that saw his Liberals mount a shocking come-from-behind win riding a wave of anti-Trump sentiment.

Before arriving at the White House, Carney also sought to send the message by announcing an upcoming visit from King Charles III, Canada’s official head of state, using the sovereign to make the point that Canada’s sovereignty wasn’t up for debate.

Those messages, if he’s heard them, have not caused Trump to back off, not even when sitting across from Carney in the Oval Office.

“Never say never,” Trump shrugged, as Carney mouthed the word “never” over and over next to him. “I’ve had many, many things that were not doable, and they ended up being doable, and only doable in a very friendly way.”

Still, the president didn’t press the matter further, and the meeting did not fall off the rails. For a topic that has caused so much visceral anger in Canada, the issue was essentially defused, for the time being, in the Oval Office.

After reporters left the room, Carney told Trump it was not “useful” to repeat his idea of annexing Canada.

“But he is the president,” he said recalling the exchange at a solo press conference after the meeting ended, “and he will say what he wants.”

Trump hasn’t, however, deployed the insult against Carney that he used against his predecessor, Justin Trudeau. “As far as calling him Governor Carney, no, I haven’t done that yet — and maybe I won’t,” Trump said at an unrelated White House event later in the day.

Carney said they’d agreed to meet again next month at the G7 summit he is hosting in Alberta, which Trump had previously not committed to attend.

Still, relations between Washington and Ottawa remain at their lowest point in memory.

As Carney was at Blair House, across Pennsylvania Avenue from the White House, preparing to depart for his meeting with Trump, the president launched a broadside on Truth Social, declaring Canada was overly dependent on the United States.

“We don’t need ANYTHING they have, other than their friendship, which hopefully we will always maintain,” Trump wrote. “They, on the other hand, need EVERYTHING from us!”

By the time Carney arrived, however, Trump seemed uninterested in having a public fight.

“We have some tough points to go over, and that’ll be fine,” Trump said after praising Carney for “one of the greatest comebacks in the history of politics.”

US President Donald Trump meets with Canadian Prime Minister Mark Carney in the Oval Office of the White House in Washington, DC, on May 6, 2025. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)

See Trump’s answer when asked about lifting Canadian tariffs

01:36

The meeting ended somewhat abruptly with Trump declaring the US did not need Canadian cars or steel, and that there was nothing Carney could say or do that would cause him to lift tariffs.

“Just the way it is,” Trump said.

But by the standards of the Trump White House, where another leader was berated and evicted in the Oval Office earlier this year, it was all relatively mild.

Even Trump acknowledged he’d seen worse.

“We had another little blow up with somebody else,” Trump said, a veiled allusion to his fight with Ukrainian President Volodymyr Zelensky. “That was a much different. This is, this is a very friendly conversation.”



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DoorDash to buy Britain’s Deliveroo for nearly $4 billion to expand its reach in Europe

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US meal delivery firm DoorDash will buy British rival Deliveroo for £2.9 billion ($3.9 billion), the companies said Tuesday, as they look to expand their reach and take on competition.

The acquisition will help DoorDash grow its market share in Europe, competing against Just Eat and Uber Eats. Britain and Ireland are Deliveroo’s largest market, accounting for 62% of the value of its orders in its latest quarter. Deliveroo’s other large markets include France and Italy.

The companies rekindled talks last month after DoorDash approached Deliveroo with a 180 pence per share proposal, which was confirmed Tuesday as the final offer, sending Deliveroo shares up about 2% to 176 pence per share.

DoorDash said it would not increase its offer, but reserved a right to do so if a third party emerged with a competing offer for Deliveroo.

Deliveroo’s shares have struggled since their debut when they were sold at 390 pence in 2021, a time when meal delivery services were boosted by the pandemic.

“Following careful consideration, the Deliveroo Independent Committee has unanimously decided to recommend this offer, considering it to be in the interests of all our shareholders and wider stakeholders,” the company’s Chair Claudia Arney said in a statement.

Deliveroo has received undertakings of support from investors holding about 15.4% of shares, it said, including from founder and chief executive Will Shu, Greenoaks and DST Global.

However, Panmure Liberum analysts highlighted “the notable absence” of Deliveroo’s largest investor, Amazon (AMZN), from this list, adding that they still see Amazon as the most likely counter-bidder.

Amazon, which has a 14.4% stake in Deliveroo, did not immediately respond to a Reuters request for comment.

In 2024, Deliveroo and DoorDash had orders worth about a combined $90 billion, the companies said.

Will Shu, who co-founded Deliveroo in 2013 and leads the company, is set to receive about £172.4 million ($229.7 million) for his 6.4% stake.



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India just agreed a massive trade deal – with the UK

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London
CNN
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India and Britain struck a “landmark” trade deal Tuesday, the UK government said, marking progress on lowering and removing tariffs just as President Donald Trump is busy raising US import taxes to historic levels.

For weeks, Trump has said that at least one trade deal is imminent with one of the dozens of countries in active negotiations with the United States to avoid his punishing tariffs – with India among the most likely to reach such an agreement first.

The prospect of an agreement with any one major trading partner has boosted confidence in US financial markets and raised hopes that the world may avoid the worst impacts of America’s tariffs. But so far, no deal has emerged.

Instead, it’s the United Kingdom that has secured a trade deal with India.

The two nations’ agreement is “the biggest and most economically significant bilateral trade deal the UK has done since leaving the EU,” the UK Department for Business and Trade said in a press release.

As a result of the agreement, it noted, bilateral trade is expected to swell by £25.5 billion ($34.1 billion) per year in the long run. That would be a 60% increase from the 2024 level, based on UK government data.

India has agreed to reduce tariffs on a range of UK products, including whisky, medical devices, advanced machinery and lamb. And most of these levies will be removed altogether within a decade, according to the release.

In turn, the United Kingdom will lower tariffs on Indian goods, the business and trade department suggested, without providing details.

“British shoppers could see cheaper prices and more choice on products including clothes, footwear and food products, including frozen prawns, as (the) UK liberalizes tariffs,” the release said.

The Trump administration, for its part, has said India, Japan and South Korea will likely reach a trade deal with the US, but the weeks are rolling on with no deal in sight.

And the US has a tight deadline: Its so-called “reciprocal” tariffs are set to go into effect on July 8, when levies as high as 50% will start applying to dozens of nations. The Trump administration risks causing serious economic damage, which could quickly turn into a US and global recession, if it doesn’t hammer out any trade deals soon.

The UK’s latest agreement is not its first major trade deal with an Asian country. After leaving the European Union in 2020, Britain clinched an agreement with Japan later that year. That deal was set to increase trade between the two countries by about £15.2 billion ($20.3 billion), the UK government said at the time.

“We are now in a new era for trade and the economy,” UK Prime Minister Keir Starmer said Tuesday, commenting on the deal with India. “Strengthening our alliances and reducing trade barriers with economies around the world is part of our Plan for Change to deliver a stronger and more secure economy here at home.”

Emma Rowland, policy adviser for trade at the UK’s Institute of Directors, made a similar assessment.

“In light of recent trade wars and US tariff-related disruption, new partnerships that encourage free and open trade should be celebrated,” she said. “The UK-India trade agreement is a win for the UK, removing barriers and business costs for British firms trading with the fourth-largest global economy.”

CNN’s Robert North, Anna Cooban and David Goldman contributed reporting.



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