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Investing.com -- Tesla (NASDAQ:TSLA)’s sales in Scandinavia have seen a sharp decline in February compared to the same period last year, impacting its market share as the electric vehicle producer is put to the test over brand loyalty due to CEO Elon Musk’s involvement in the Trump administration.
In previous years, Tesla’s vehicles led sales in Norway, Sweden, and Denmark in 2023 and 2024. However, this year the company has fallen behind competitors with new model offerings such as Volkswagen (ETR:VOWG_p) and Toyota (NYSE:TM), according to Monday’s registration data.
In Sweden, only 613 new Tesla vehicles were registered last month, representing a 42% decrease year-on-year. Similarly, Norway and Denmark saw a 48% drop in registrations to 917 and 509 cars respectively. This decline comes despite an overall growth in auto demand in these countries, including for electric vehicles (EVs).
Musk’s foray into politics, marked by his role in significant reductions to the U.S. federal workforce and his endorsement of far-right political ideologies in Europe, has sparked protests dubbed "Tesla Takedown" in the United States and calls for boycotts in other regions. Tesla has not yet provided a response to these developments.
In Norway, a country where nearly all new cars are fully electric, Tesla’s share of overall car sales has dwindled to 8.8% year-to-date, down from a market-leading 18.9% in 2024 and 20% in 2023.
The company, which is also grappling with an ageing vehicle lineup, faces a crucial period in the coming months. It is gearing up to launch an upgraded version of its Model Y mid-size SUV in Europe. The Model Y has been the best-selling car in the Scandinavian region for the past two years.
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