Tesla registrations endure slump in Europe

Tesla has struggled to reverse market share losses in France and Denmark despite the launch of a new range of its best-selling Model Y.

Tesla November registrations in France, Sweden, and Denmark halved from a year ago, as the EV maker struggled to reverse market share losses in Europe despite the launch of a new range of its best-selling Model Y.

Monthly registrations, a proxy for sales, slumped 58% in France to 1,593 vehicles sold, and by 49% to 534 cars in Denmark, where the Model Y was the 23rd most popular vehicle with 206 units sold, official data showed.

Registrations of new Teslas in Sweden fell by 59% in November from a year earlier, to 588 vehicles, data from Mobility Sweden showed on Monday.

Tesla's slowdown in Europe began late last year, after its chief executive Elon Musk publicly praised right wing political figures, setting off protests across the region. Mr Musk has gone relatively quiet on politics in recent months, but Tesla’s European business has not recovered, signalling more fundamental problems.

Analysts pointed to growing competition in a crowded European market, especially from new entrants from China, and Tesla's aging lineup.

While Mr Musk spent much of this year focused on the carmaker’s robotics pursuits and winning shareholder approval for his freshly minted $1 trillion (€861bn) pay package, Tesla tried to win back buyers by launching a refreshed Model Y earlier this year.

In October, it unveiled lower-priced versions of its staple Model Y SUV and Model 3 sedan, with the latter not yet available in Europe.

In Denmark, November registrations of the Model 3 increased by 29% to 326 cars, making it the country's 8th most sold car, Mobility Denmark said, while those of the Model Y plummeted by 74%, according to data by Bilstatistik.dk, which runs Scandinavia's largest car database.

Reuters