Tesla shares fall following report of sales decline in Europe

Tesla shares down 3.8% on Weds following news of a decline in sales in big European markets ahead of the release of a new version of a best selling Model Y

TSLA is on track for the biggest daily pct loss since April 21 and lowest close since mid-May

TSLA sales dropped for the fifth straight month in Britain, Germany and Italy in May, Reuters reported

TSLA sales have plunged in some European markets and in China, as customers have favored Chinese EVs because of their competitive prices and in some cases in protest at CEO Elon Musk's political activities

TSLA, however, expects demand for new version of the Model Y - Europe's best-selling car since as recently as 2023 - will boost sales in June when UK deliveries start

Among 54 analysts that cover TSLA, avg rating is "HOLD" and median PT is $300, down from $320.09 in early April

With today's move, TSLA is down 18% YTD vs NASDAQ Composite Index's .IXIC 0.6% increase.