Tesla’s European sales may be imploding. But investors didn’t bat an eyelid. TSLA shares (TSLA) were up over 2.5% Tuesday morning, even after April data showed Tesla registrations in the EU fell a staggering 53% year over year — and 49% across all of Europe. That’s not a blip. It’s a full-on collapse. And yet, Tesla’s stock keeps rising.

Tesla (NASDAQ: TSLA) stock was soaring on Tuesday, rising about 7% on a day when the European Automobile Manufacturers’ Association reported significantly slower sales for Tesla in Europe last month.