Tesla: Strong declines, only Norway convinces – this is the reason
Tesla's sales figures fell again significantly in several European markets in May – for the fifth time in a row, reports the news agency Reuters The declines were particularly severe in Sweden and Portugal, although electric car sales increased significantly overall in both countries. The US electric car pioneer also recorded some drastic declines in Denmark, the Netherlands, Spain, and France. Only in Norway did Tesla sell more cars again.
Criticism is sparked not only by the aging model portfolio—no new mass-market model has been launched since 2020—but also by the political escapades of CEO Elon Musk, whose proximity to Donald Trump and controversial statements are causing discontent in Europe. Traditional automakers and Chinese competitors like BYD, on the other hand, have recently stepped up their efforts in Europe, particularly with lower-cost models.
According to surveys by the industry association PFA, published on Sunday, Tesla's sales in Sweden fell by 53.7 percent, and in Portugal by as much as 68 percent.
The only exception is Norway. Deliveries there increased by 213 percent in May, driven by the popular Model Y, which is now available in a revised version. This facelift is expected to be introduced in other European markets soon.
"Tesla's success in Norway shows the way: innovation is key," Ben Nelmes, founder of the EV data platform New AutoMotive , told Reuters . "No automaker can rest on its laurels."
Tesla's stock was under significant pressure at times on Monday amid a largely positive environment, but recently stabilized. It closed down 1.1 percent at $342.69. Horizontal support awaits at $324.11. Should this fail, the 100-day moving average at $313.41 offers support. Tesla must now step up its game and deliver in the future.
Note on conflicts of interest The board member and majority shareholder of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has directly and indirectly entered into positions in the following financial instruments or derivatives related to them mentioned in the publication, which could benefit from any price development resulting from the publication: Tesla.
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