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Tesla (TSLA) shares are under pressure after European sales hit a two-year low sending the electric vehicle (EV) pioneer's market capitalization below the $1 trillion mark. The stock's decline is one of the leading laggards dragging the "Magnificent Seven" into correction territory.
The drop in European sales comes amid increased competition from Chinese EV makers like BYD (1211.HK, BYDDY) and as CEO Elon Musk dives into his divisive political career as the head of US President Donald Trump's Department of Government Efficiency (DOGE).
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This post was written by Naomi Buchanan.