Norway's Tesla obsession defies Europe's Musk backlash
The U.S. electric vehicle maker recorded a 54% year-on-year jump in new car sales in Norway in June, according to data from the Norwegian Road Federation (OFV), fueled by a 115.3% yearly increase in registrations for its revamped Model Y sports utility vehicle.
The data backed up a whopping 213% increase in new car sales in May and shored up Tesla's dominant position in the world's most EV-friendly country.
Christina Bu, secretary general of the Norwegian EV Association (NEVA), which represents electric car owners in the country, said Tesla has been well established in Norway for several years — but the popularity of its upgraded Model Y is "definitely part of the reason" for its recent sales boost.
"In general terms, I think it just has to do with the fact that they deliver a car which has quite a lot of value for money and is what Norwegians need," Bu told CNBC during an interview at NEVA's office in Oslo.
The Tesla Model Y appears to be especially popular in Norway because of its competitive price and the fact that it meets local demand for large luggage space, high-ground clearance, all-wheel drive and a tow hitch, Bu said.
Sales data from southern Europe signaled some further green shoots for Musk's company, with Tesla new car registrations last month increasing by 61% in Spain and around 7% in Portugal.
The story remains very different across the rest of Europe, however. Tesla sales in Germany, Europe's largest automotive hub, dropped by 60% in June from a year earlier, while sales also dipped in France.
Separate data from the European Automobile Manufacturers Association, or ACEA, found Tesla's new car sales in Europe fell for a fifth straight month in May.
Tesla's brand value has been declining since 2024 in part because of Musk's political activity.
The Tesla CEO, who spent nearly $300 million to support Donald Trump's election campaign, recently left the White House after leading an initiative to slash federal agencies. Protests erupted at Tesla dealerships across Europe in response to Musk's role in the Trump administration.
Musk's departure from the White House in late May was followed by an extraordinary war of words with Trump. The world's richest man also formally endorsed Germany's far-right party AfD ahead of the country's parliamentary elections earlier this year, triggering an outcry in Berlin.
NEVA's Bu told CNBC that Musk's political activity hadn't gone unnoticed in Norway, with a recent annual survey of more than 15,000 EV drivers finding that 43% of respondents said they would not buy a Tesla for political reasons.
"So, this has definitely been a big debate in Norway as well. What Elon Musk has been saying and doing the last year or so — so it definitely affects people, but not too many because their market share is remarkable really," Bu said.
For its part, Norway has long been recognized as a global leader in sustainable transportation. Indeed, it is currently on track to become the first country in the world to effectively erase gasoline and diesel cars from its new car market.
Lawmakers and analysts have attributed the country's shift away from internal combustion engine (ICE) vehicles to long-term and consistent policies designed to support the uptake of EVs.
"I think it's a combination of several things, but it is policymaking that has driven this forward," Norway's Deputy Transport Minister Cecilie Knibe Kroglund told CNBC in Oslo.
"We have a lot of incentives, both tax incentives and user incentives are the most important things and also infrastructure, of course. But policymaking and incentives are the main tools that we have been using," she added.
Some of Norway's EV incentives include a VAT exemption, discounts on road and parking taxes and access to bus lanes. The government has also heavily invested in public charging infrastructure, and many Norwegian households are able to charge their cars at home.
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21 minutes ago
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Stock market today: Dow, S&P 500, Nasdaq waver as Trump-EU trade deal kicks off huge week
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That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. Health insurance companies have a problem As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. 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While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. How ethereum rose to become a mainstream cryptocurrency The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. 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(I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Good morning. Here's what's happening today. 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Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. 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The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. 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
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- Tom's Guide
Millions hit in quishing attacks as malicious QR codes surge — how to stay safe
If you're one of the 73% of Americans who has scanned a QR code without verification, you've opened yourself up to malicious behavior and potentially to getting hacked. As reported by CNBC, millions of people have been victimized by quishing as more and more bad QR codes have appeared in public places. According to security researchers at NordVPN, more than 26 million people have been directed to malicious websites through illegitimate QR codes. Likewise, earlier this year the FTC issued a warning about QR codes appearing on unexpected or unwanted packages that – when scanned – would lead the recipients to phishing websites that steal personal information like usernames and passwords and even credit card numbers. These websites could also potentially download malware onto your phone or give cybercriminals control over your device. Other places have issued similar warnings: The New York City Department of Transportation warned against QR codes appearing on parking meters that had fake payment links, and Hawaii Electric also warned customers about scammers that were trying to steal payments through QR codes. A study done by the cybersecurity platform KeepNet Labs found that 26% of all malicious links are now sent via QR code; this may be because the use of QR codes is now more widespread as they're accepted in more places and because there are better protections in place for traditional email phishing campaigns. Posters, billboards, flyers and official documents that contain legitimate QR codes can very easily be compromised by threat actors and switched to malicious ones by being pasted over. Think of this like scammers putting a fake keypad over an ATM or gas pump using credit card skimmers. It can also be quite difficult for most people to determine if a QR code has been tampered with in this manner. Since QR codes were designed for convenience and not security, they're ideal targets for hackers and scammers. In fact, their creator, who originally designed them to keep track of auto parts, never meant for them to be used the way they are today. Get instant access to breaking news, the hottest reviews, great deals and helpful tips. More dangerous than a traditional phishing email, QR codes make it difficult for users to read the encoded web address – indeed the human readable text can often be modified. This is why QR codes have been used more frequently by threat actors to infiltrate critical networks and accounts of military personnel as well as to distribute RATs (remote access trojans) which can give hackers access to targeted devices and networks. As with all phishing-style scams, the aim is to rely on victims being in a hurry or rushing to correct a problem which means that the best way to protect yourself is to remain calm, aware and vigilant. Just like you wouldn't click on an unexpected link or attachment in an email or text, you shouldn't scan on any QR code you see pasted on a street sign, poster or advertisement. For instance, if the QR code is on the bottom of a poster or advertisement, search for that instead and then go to a company or an event's website directly. If you do scan a QR code and get taken to a page, you wan to avoid filling out any forms asking for your persona information. Likewise, you also want to inspect that site's URL for any suspicious signs. Does the website use a top-level domain like ".com" that you're familiar with? Or is it using one like ".TV" or one you haven't heard of before? This could be a sign that you're on a phishing page and not a legitimate website. If you have an Android device, you can add an extra layer of protection with one of the best Android antivirus apps that can help provide protection against both malware and phishing attacks. At the same time, if you're really worried about getting scammed or hacked, you might want to invest in one of the best identity theft protection services as not only can they help you get your identity back but they can also aid you in recovering any funds lost to fraud. Now that QR codes and scanning them to access menus and other info has become commonplace, this threat likely isn't going away anytime soon In fact, it might actually get worse as cybercriminals devise new ways to use QR codes in their attacks. That's why it's up to you to be extra cautious whenever you interact with a QR code as failing to do so could have serious implications. Follow Tom's Guide on Google News to get our up-to-date news, how-tos, and reviews in your feeds. Make sure to click the Follow button.
Fast Company
23 minutes ago
- Fast Company
Tesla signs $16.5 billion deal with Samsung to make AI chips
Tesla has signed a $16.5 billion deal to source chips from Samsung Electronics, a move that could bolster the South Korean tech giant's unprofitable contract business but is unlikely to help Tesla sell more EVs or roll out robotaxis more quickly. Tesla CEO Elon Musk said late on Sunday that Samsung's new chip factory in Taylor, Texas would make Tesla's next-generation AI6 chip. This could re-energize Samsung's project, which has faced long delays because the company had trouble retaining and attracting major clients. Samsung shares on Monday closed up 6.8% on hopes that this deal would help the world's top memory chip maker in the race to produce artificial intelligence chips, where it trails rivals such as TSMC. With production still years away, the deal is unlikely to help Tesla address immediate challenges, including ongoing declines in its EV sales and efforts to scale its emerging robotaxi service. Tesla shares still rose 4.2% on Monday. Musk has said that future AI inference chips, including AI6, would be deployed in self-driving vehicles and its Optimus humanoid robots, though he has noted the substantial computing power could enable broader AI applications. Inference chips are used to run AI models and make real-time decisions. 'Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress. And the fab is conveniently located not far from my house,' Musk said in a post on X on Monday. 'The $16.5B number is just the bare minimum. Actual output is likely to be several times higher,' Musk said in another post. It was unclear whether the deal is related to ongoing trade talks between South Korea and the U.S. Seoul is seeking U.S. partnerships in chips and shipbuilding amid last-ditch efforts to reach a trade deal to eliminate or reduce potential 25% U.S. tariffs. A South Korean trade ministry official told Reuters he had not heard that the specific deal was part of the trade negotiations. According to a senior analyst at NH Investment & Securities, Ryu Young-ho, Samsung's Taylor factory 'so far had virtually no customers, so this order is quite meaningful,' although the deal may represent a small portion of its logic chip revenue annually. In October, Reuters reported that Samsung had postponed taking deliveries of ASML chipmaking equipment for its Texas factory as it had not yet won any major customers for the project. It has already delayed the plant's operational start to 2026. Production timeline While no timeline was provided for AI6 chip production, Musk has previously said that next-generation AI5 chips will be produced at the end of 2026, suggesting AI6 would follow. Musk confirmed during Tesla's earnings call last week that AI5 chips would enter 'buying production' by the end of next year. Lee Dong-ju, an analyst at SK Securities, expects production in 2027 or 2028, but Tesla has a history of missing its targets. Samsung currently makes Tesla's AI4 chips, which power its Full Self-Driving (FSD) driver assistant system, while TSMC is slated to make the AI5, initially in Taiwan and then Arizona, Musk has said. Samsung, the world's top memory chip maker, also produces logic chips designed by customers through its foundry business. The Texas project is central to Samsung Chairman Jay Y. Lee's strategy to expand beyond its bread-and-butter memory chips into contract chip manufacturing. It holds just 8% of the global foundry market, far behind TSMC, which has a 67% share, data from market researcher Trendforce show. Pak Yuak, an analyst at Kiwoom Securities, said the deal would help reduce losses at Samsung's foundry business, which he estimates exceeded 5 trillion won ($3.6 billion) in the first half of the year. ($1 = 1,378.7000 won)
