Tesla is seeing a significant drop in sales across Europe, even as the demand for electric vehicles (EVs) continues to rise. Sales figures for April paint a concerning picture for the electric car giant, with major markets like the UK, Netherlands, Denmark, Portugal, Sweden, and France all reporting sharp declines.

Sales Plunge Across Key European Markets

In the UK, one of Tesla’s previously strongholds, sales plummeted by 62% in April, according to the UK’s Society of Motor Manufacturers and Traders (SMMT). This comes despite a broader 8% increase in overall EV sales in the country. Tesla’s struggles in Europe are not isolated to the UK. The company also saw a staggering 67% drop in sales in Denmark, a 74% fall in the Netherlands, and a 33% decline in Portugal, based on trade group data from these countries. Sweden and France weren’t spared either, with sales down 81% and 59% respectively.

Elon Musk’s Controversial Politics and Impact on Sales

While Tesla hasn’t provided official comments on these drops, some analysts point to Elon Musk’s controversial political stances as a contributing factor. Musk has openly supported far-right political candidates in Germany and the UK, which has sparked protests and backlash across Europe. Additionally, the threat of steep tariffs on European imports, particularly due to Musk’s ties to the Trump administration, could be turning off some European buyers.

Rising Competition in the EV Market

Tesla’s sales dip also comes as competition in the European EV market intensifies. Chinese automaker BYD is rapidly gaining ground and is expected to surpass Tesla as the world’s largest EV maker this year. With new and competitive electric vehicles entering the market, Tesla is finding it harder to maintain its once-dominant position.

A Bleak Forecast for Tesla in 2025?

Analysts are already forecasting a challenging year ahead for Tesla. Despite no official guidance on 2025 sales, the company’s recent performance has many predicting a continued slide. Gordon Johnson, an analyst with GLJ Research, who has been bearish on Tesla’s prospects, expressed concern over the company’s future. “The second quarter of 2025 is shaping up to be another disaster, following the first quarter’s poor performance,” Johnson warned.

A 36% Sales Drop Across Europe

Tesla’s struggles are reflected in broader market trends. According to the European Automobile Manufacturers’ Association (ACEA), Tesla’s sales in Europe dropped by 36% in the first quarter of 2025. This comes despite a 24% increase in overall EV sales across the continent. The data paints a stark contrast to the growth seen in the broader electric vehicle market, highlighting Tesla’s struggles to maintain its leadership.

Tesla’s Biggest Sales Decline in History

These challenges come on the heels of Tesla’s first drop in annual sales for 2024, as well as the largest quarterly global sales decline in the company’s history. In the first quarter of 2025, Tesla’s net income fell by a staggering 71%, with the company relying on the sale of regulatory credits to legacy automakers just to report any profit.

As competition heats up and consumer confidence wanes in Europe, Tesla’s future in the global electric vehicle market is uncertain. The road ahead could be difficult, and how the company responds to these mounting challenges will shape its future prospects.

Source: CNN – Tesla sales plunge across Europe

The post Elon Musk’s Politics and Rising EV Rivals Impact Tesla’s Sales in Europe appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.

Kohl’s has announced it will close 27 of its underperforming locations across 15 states by April. While this represents only a small portion of its 1,150 stores, the move is part of the department store chain’s efforts to boost profitability and turn around its struggling sales. The closures come after Kohl’s has posted 11 consecutive quarters of declining sales.

Leadership Change as Kohl’s Works to Revive Business

Kohl’s new CEO, Ashley Buchanan, will take over the reins next week. Buchanan, a retail veteran and current CEO of Michaels, will succeed Tom Kingsbury, who has served as Kohl’s interim CEO since December 2022. Kingsbury will continue to advise the company and remain on the board until his scheduled retirement in May 2025.

Store Closures and Employee Impact

Kohl’s has not disclosed how many employees will be affected by the closures, but the company has assured workers that they were informed in advance. A “competitive severance package” has been offered to those impacted, along with opportunities to apply for other roles within the company. Of the 27 stores closing, 10 are located in California.

Department Stores Face Growing Challenges

Kohl’s struggles reflect broader challenges facing U.S. department stores. As consumers continue to shift towards online shopping, traditional department stores are feeling the pressure. Kohl’s aims to address these challenges by focusing on long-term growth strategies, though it acknowledged that some difficult decisions—like store closures—are necessary to ensure the health of the business.

Macy’s Also Closing Stores in Effort to Boost Sales

Kohl’s is not alone in its efforts to streamline operations. On Thursday, Macy’s revealed it will close 66 underperforming stores, including one in a historic Philadelphia landmark. These closures are part of a broader strategy to shutter 150 stores by 2026, while upgrading the remaining 350 locations. Macy’s has been facing similar struggles, with falling profits and sales in its most recent fiscal quarter. Despite raising its sales expectations for the current fiscal year, Macy’s also lowered its profit projections.

Macy’s closures account for 25% of its overall square footage, though they contribute to less than 10% of its sales.

A Shift in Consumer Behavior

Both Kohl’s and Macy’s are grappling with changing consumer behavior, as shoppers increasingly seek out deals online and spend less on discretionary items due to ongoing inflation. As these department stores attempt to regain their footing, the focus is on adapting to evolving shopping trends and managing costs to stay competitive in a challenging retail environment.

Source

The post Kohl’s Closes 27 Locations as It Struggles with Declining Sales appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.

Macy’s has postponed the release of its quarterly earnings report after discovering that a former employee concealed $154 million in expenses over nearly three years. The company revealed that the employee, who is no longer with Macy’s, intentionally made false accounting entries to hide costs related to small package deliveries.

An independent forensic investigation was launched after the discrepancies were identified. Macy’s stated that the hidden expenses accounted for only a fraction of its $4.36 billion delivery costs over the affected period, but the severity of the issue warranted the delay. The company plans to release its earnings report on December 11.

No Broader Impact Found

Macy’s assured investors that the false entries did not affect its cash management or vendor payments. Thus far, the investigation has pointed solely to the former employee, with no evidence implicating others in the scheme.

Macy’s CEO, Tony Spring, emphasized the company’s commitment to ethical practices in a statement, saying, “While the investigation continues, we remain focused on serving our customers and executing a strong holiday season strategy.”

Financial Performance and Market Reaction

Following the announcement, Macy’s shares fell nearly 3% at the market open. The company also reported a 2.4% decline in quarterly sales, dropping to $4.7 billion. Macy’s attributed the decline to weaker performance in digital channels and cold-weather product categories, as much of the country experienced an unseasonably warm fall.

Retail analyst Neil Saunders from GlobalData Retail noted, “The drop in sales was expected, given the challenges in the middle-market segment and Macy’s struggles to stay competitive across its stores. It underscores the company’s overall decline.”

Efforts Toward Restructuring

In response to ongoing challenges, Macy’s is proceeding with plans to close hundreds of underperforming stores. Despite broader struggles, some divisions showed resilience: Bloomingdale’s reported a 1.4% sales increase, while the luxury beauty brand Bluemercury posted a 3.2% rise.

Earlier this year, Macy’s declined offers from private investors to acquire the company, opting instead to focus on its internal revitalization strategy.

As the investigation continues, Macy’s aims to rebuild investor confidence and position itself for success in the crucial holiday shopping season.

Source

The post Macy’s Discovers $154 Million Accounting Fraud, Delays Earnings Report appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.