Fresh Europe data on August Tesla registrations wasn't pretty.

Tesla ( TSLA 3.94% ) shares fell more than 4% last Thursday as investors digested disappointing Tesla vehicle registration data in Europe ahead of the company's third-quarter deliveries update expected in early October. The electric vehicle maker sells premium battery-electric cars and energy storage products globally, with meaningful exposure to the European market.

The market's question now is simple: Does the regional weakness point to a poor quarter, or is it mostly noise inside a broader and still-uncertain recovery?

The latest Europe read was weak

News out Thursday showed Tesla's European Union registrations fell about 37% year over year in August to roughly 8,200 vehicles, marking a second straight month in

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