Elon Musk's Tesla Defies European Slump With Norway Sales Growth In May: Model Y Comes To The Rescue
Tesla Inc. experienced a remarkable 213% increase in sales in Norway during May, driven primarily by the Model Y, with over 2,346 units sold. This surge contrasts sharply with declining sales across Europe, including a 67% drop in France. Despite challenges in major markets, CEO Elon Musk maintains that there is no demand problem. Tesla's performance metrics indicate strong momentum and growth, although value remains a concern.
Tesla Inc. TSLA recorded a 213% surge in sales in Norway during May, beating the regional trend that sees company sales tumble across Europe.
What Happened: The sales have largely been driven by the company's Model Y, as Tesla sold over 2,346 units, up from 690 units in May, comprising both the old and new versions of the compact all-electric SUV, Reuters reported on Monday.
"Tesla’s strong performance in Norway points to the way forward for the company: innovate. No car company can rest on its laurels and be guaranteed success.” An expert cited in the report said.
Why It Matters: The jump in Norwegian sales could provide a much-needed boost to Tesla, which has been experiencing tumbling sales across major markets throughout Europe.
Most recently, sales data showcased the company delivered 721 units in France, a 67% decline for Tesla and a three-year low in sales in the country. This comes in as CEO Elon Musk reiterated that the EV giant has no demand problem.
In the U.S., the company has tried several ways to entice customers, including incentives like free FSD transfers, cheaper trim levels of its vehicles, as well as a complete shift in marketing strategy. However, the company's sales have still been lackluster.
Tesla scores well on Momentum, Growth, and Quality metrics, but offers poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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