Tesla Inc. $TSLA experienced a significant decline in new car sales in the United Kingdom during May 2024. Preliminary data from New AutoMotive research group, released on Wednesday, reveals that Tesla’s sales dropped by more than 45% year-on-year. The electric vehicle (EV) manufacturer sold 1,758 units in May 2024 compared to 3,244 in the same month last year. Market analysts attribute this decline partly to Tesla CEO Elon Musk's controversial political positions in Europe, which have reportedly alienated a segment of the UK consumer base.

Toyota Motor Corporation $7203.T, the global automotive leader, is relocating part of the production of its sports car model GR Corolla to the United Kingdom. The move involves an estimated investment of approximately $56 million to establish a dedicated production line aimed at optimizing exports to the North American market. This strategic decision aligns with Toyota's broader operational goals to streamline supply chains and reduce lead times.

Asian equity markets opened the week on a quiet note while the euro (EUR) gained ground after U.S. President Donald Trump unexpectedly extended his threat to impose 50% tariffs on European Union (EU) goods. The move, interpreted as another tactical pause in an inconsistent U.S. trade policy, came after European Commission President Ursula von der Leyen requested more time to finalize a deal. The deadline has now been pushed from June 1 to July 9, offering a temporary reprieve for transatlantic trade relations.