Tesla Plummets After German Environmental Regulator Prepares to Issue Fine Over Illegal Construction
Tesla (NASDAQ: TSLA) just can’t seem to catch a break! Not only did the EV maker’s Chinese sales tank in June, but a local German environmental authority is preparing to fine Tesla over illegal building activity on the location of its planned Gigafactory near Berlin.
As Reuters reports, Bradenburg’s environmental ministry, which enforces environmental regulations for the region surrounding Berlin and where Tesla’s latest car factory is in the midst of construction, is planning to fine the electric automaker for prohibited building activity. The regional authority found that Tesla built several tanks on the piece of land for which it did not have authority to do so. In addition to the impending fine, the automaker is also banned from using the tanks that are already constructed.
To make matters worse, Tesla’s sales of Chinese-built vehicles also continued their downward descent. According to figures released by the China Passenger Car Association (CPCA) on Thursday, Tesla sold a total 33,155 China-made vehicles in June, of which 5,017 were exported. The latest total is down from the 33,463 units the automaker sold in May.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
