Tesla sales in Norway rise 213% year-on-year in May
OSLO (Reuters) -Tesla's (TSLA) sales of new cars in Norway rose by 213% in May from a year ago to 2,600 vehicles, registration data showed on Monday,
The electric vehicle maker's sales got a boost from a revamp to its Model Y compact SUV, the country's best-selling automobile in each of the last three years.
Sales rose by 8.3% year to date, compared with the first five months of 2024.
Nine out of ten new cars sold in Norway last year were fully electric vehicles, and the EV share of sales year-to-date stands at 92.7%, the Norwegian Road Federation said, bringing it close to a goal of phasing out diesel and petrol automobiles.
Tesla, which has seen declining sales in Europe this year amid CEO Elon Musk's embrace of far-right politics, offers zero-interest loans in Norway and several other countries to buyers who take delivery of a new Model Y by the end of June.
Meanwhile, Tesla's new car sales in Sweden fell 53.7% in May from a year earlier to 503 vehicles, registration data from Mobility Sweden showed on Monday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
12 minutes ago
- CNBC
Australia's economic growth stays flat at 1.3% in the first quarter from a year earlier, missing estimates
Australia's economy grew less than expected in the first quarter this year, as growth stalled amid the simmering global trade tensions. The country's economy grew 1.3% year-on-year in the first quarter, lower than the estimated 1.5% growth among economists polled by Reuters. That was unchanged from the 1.3% year-on-year growth in the prior quarter. The GDP figure comes as the Reserve Bank of Australia slashed rates to its lowest level in two years at its last meeting in May as inflation figures concerns receded, offering some room for the RBA to ease monetary policy. The central bank said in its statement after the meeting that it expects domestic GDP growth to pick up in 2025, driven by a recovery in consumption and continued strength in public demand. "However, the pick-up is expected to be more gradual than previously forecast due to weaker global demand, global and domestic uncertainty and weaker momentum in consumption," it added. Inflation in the country has eased to a four-year low of 2.4% in the first quarter of 2025, within the RBA's target range of 2% to 3%. The RBA said in its May meeting that its baseline assumptions for the country's economy going forward would reflect "somewhat weaker" demand for Australian exports. It said that "some weight was placed on the possibility that heightened policy uncertainty might dampen domestic investment and household spending; and near-term momentum in consumption was a little weaker."
Yahoo
15 minutes ago
- Yahoo
Vanguard new ex-China ETF followed push from Missouri Republicans
By Suzanne McGee and Ross Kerber (Reuters) -Investment manager Vanguard's new exchange-traded fund targeting emerging markets outside of China appears to have followed a push from the Missouri State Treasurer's office for products excluding Chinese stocks. The product highlights a new front in the decoupling of economic links between the U.S. and China as a result of the trade war U.S. President Donald Trump has begun between the world's two largest economies. Vanguard filed on May 30 with the U.S. Securities and Exchange Commission to launch the Vanguard Emerging Markets Ex-China ETF. Vivek Malek, Missouri's Treasurer, told Reuters the announcement came six weeks after a series of requests and meetings with Vanguard, a claim backed by letters and e-mails reviewed by Reuters. Malek successfully pushed for the state's pension fund to divest from publicly traded Chinese stocks in December 2023 and also pressed for a China-free fund option for the state's $4.5 billion 529 educational savings plan in an April 14 letter to the plan's program manager working with Vanguard. "I believe we moved the needle in the direction that helped them reach this decision," Malek said. Vanguard did not directly comment on Malek's statements, citing quiet period restrictions on discussing fund products still under SEC review. A Vanguard spokesman said the firm's goal is to offer investors of all kinds of lower-cost options. Had Vanguard not filed for its ex-China ETF when it did, the firm risked losing its position as the main provider of investment products in the state's 529 plan, Malek said. Next year, Missouri will be reconsidering which asset managers will be entrusted with those savings, and one of the conditions any firm must meet will be offering a fund that excludes Chinese stocks, Malek said. MORE EX-CHINA PRODUCTS Ex-China ETFs have been launched with growing frequency within the last three years, according to Morningstar, and Vanguard's ETF would bring the total to 13, four of which debuted in 2024. Like other Republicans, Malek has been a critic of investments in China and made removing them from state investment portfolios a political objective. In his April 14 letter, Malek pointed to economic, legal and geopolitical risks associated with Chinese stocks, adding these are "real, accelerating and incompatible with long-term fiduciary responsibility". Malek's staff met with Vanguard executives in early May, according to e-mails reviewed by Reuters, ahead of a May 21 meeting of the board of trustees for the Missouri college savings plan, the agenda for which included discussion of other investment options excluding China. On May 30, Vanguard advised the Missouri Treasurer's office that it would be launching the ex-China ETF. At nearly the same time as the e-mail was sent, it filed with the SEC. "Typically, the product development cycle is a matter of months, not weeks, so it's quite possible that Vanguard had already been looking at this as an area to explore," said Bryan Armour, an ETF analyst at Morningstar. Malek said he sees the new ETF as an example of effective collaboration between conservative state treasurers and asset managers. Since Vanguard has responded favorably to his request, Malek plans to make sure the new ETF is a success, pointing out that he has influence with the 120 or so other smaller pension funds across Missouri. "I'll be using my bully pulpit to encourage those pension funds to utilize this particular ETF from Vanguard," he said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31 minutes ago
- Yahoo
Elon Musk Stuns MAGA Supporters As He Trashes Trump's 'Big, Beautiful Bill': 'You Have No Respect'
Elon Musk has slammed President Donald Trump's "Big Beautiful Bill" as a "disgusting abomination," going further to condemn lawmakers who supported it. Musk and Trump are rumored to be at loggerheads, with reports suggesting the tech billionaire still owes the president $100 million out of the $300 million he committed to get him elected. Elon Musk's latest online outburst comes after he sparked concerns when he attended his send-off at the White House sporting a black eye. Musk has unleashed a scathing criticism of President Trump's "One Big Beautiful Bill Act" days after exiting the administration. The Tesla boss slammed the bill as a "disgusting abomination," going on to blast lawmakers who supported it. "I'm sorry, but I just can't stand it anymore," Musk wrote on X. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination." "Shame on those who voted for it: you know you did wrong. You know it," he wrote, adding that the bill "will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America [sic] citizens with crushingly unsustainable debt." In a third post, he decried how "Congress is making America bankrupt." Musk had previously assumed the role of DOGE boss, a department tasked with reducing government spending and downsizing the federal workforce in order to make the government smaller and more efficient. Musk's recent remarks came as a shock to many, with several on X voicing surprise at his vocal criticism of Trump's bill. One person wrote, "You could also talk privately with President Donald Trump about this. You have no respect. It's not your work, you are not a [politician]. Leave Donald Trump alone!" "The people voted for the Trump tax cuts. Anyone opposed to those tax cuts is against the will of the people," another person commented, calling out Musk. Amid the shock, others slammed Musk for backing Trump while working with DOGE. An X user noted, "It's kinda funny to see you throw shade at Trump's spending now, especially since you were one of his biggest supporters and helped him win. You act shocked, but you backed the whole thing before. Can't be surprised when you helped put the guy in power who's running up the debt." During a recent interview on "CBS Sunday Morning," Musk alluded to his disappointment with the bill, stating that it "undermines" everything he has worked to achieve with DOGE. "I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing," Musk said, per CBS News. The bill would extend Trump's signature 2017 tax cuts, boost border security spending, impose work requirements on Medicaid, and roll back clean energy tax credits. However, according to the Congressional Budget Office, it would increase the deficit by $3.8 trillion by 2034. "I think a bill can be big or it can be beautiful," Musk continued, "but I don't know if it can be both. My personal opinion." Musk's stance seemingly puts him at odds with Trump amid reports that he still owes the billionaire politician $100 million out of the $300 million he committed to help him get reelected. According to The Wall Street Journal, the SpaceX boss has paused the continuous inflow of the cheques as their relationship seems to be on rocky ground. Musk was not pleased after learning of a meeting between Trump and OpenAI CEO Sam Altman, who happens to be one of his most outspoken critics. The meeting was reportedly pushed back to appease the South African-born billionaire. Over time, Musk has maintained that some of Trump's officials undermined his role at DOGE, and his efforts to reduce government spending have never been taken seriously. He has frequently clashed with key Trump appointees and was reportedly furious about the president's plans to roll out extreme tariffs, which have caused endless chaos for the global economy. Trump has maintained that his relationship with Musk is as healthy as ever. "Elon is not really leaving," he said during Musk's send-off party last week. "He's going to be back and forth." Amid Musk's scathing remarks, the White House has thrown its weight behind the bill. The "Big, Beautiful Bill" was passed in late May ahead of Memorial Day, but was met with disapproval from two Republicans, citing insufficient spending cuts and rising national debt, per Fox News. "Look, the president already knows where Elon Musk stood on this bill," White House press secretary Karoline Leavitt said during a Tuesday afternoon briefing when asked about Musk's criticism, per Fox News. "It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it," she said. In May, when Trump was asked about Musk's criticism of the bill on CBS, he responded, "Well, our reaction's a lot of things," before pivoting to talk about the votes needed to pass the bill. "Number one, we have to get a lot of votes, we can't be cutting – we need to get a lot of support, and we have a lot of support," he said. "We had to get it through the House, the House was, we had no Democrats. You know, if it was up to the Democrats, they'll take the 65% increase."
