Tesla’s sales in Scandinavia have taken a hit, with registrations plummeting by 42-48% in Sweden, Norway, and Denmark over the past two months compared to the same period last year. This decline has led to a significant loss of market share for the electric vehicle maker.
The company is facing stiff competition from rivals like Volkswagen and Toyota, which have introduced new model lineups that are attracting customers who might have otherwise chosen Tesla. Additionally, CEO Elon Musk’s involvement in U.S. politics and his endorsement of far-right views in Europe have sparked controversy, leading to boycotts and protests.
As a result, Tesla’s brand image has taken a hit, causing some potential buyers to look for alternatives. Industry experts are now uncertain about whether or not Tesla can recapture its leading market position due to the growing unrest around the brand and Musk.
However, Tesla still has an opportunity to win back customers and regain its momentum in the region with the upcoming launch of the redesigned Model Y. The company’s stock is currently trading at $231.38 per share, with analysts assigning a Hold consensus rating based on 13 Buys, 12 Holds, and 10 Sells.
Despite this, Tesla’s average price target suggests 17.72% upside potential, indicating that some analysts still believe in the company’s long-term prospects. With its new model launch, Tesla may be able to turn things around and regain its market share in Scandinavia.
Source: https://www.tipranks.com/news/teslas-tsla-sales-in-scandinavia-plummet-over-40