Latest news with #ModelY.
Korea Herald
5 days ago
- Automotive
- Korea Herald
Tesla tops monthly imported car sales for 1st time in Korea
Tesla has claimed the top spot in monthly imported car sales in the South Korean market for the first time. According to data from the Korea Automobile Importers & Distributors Association on Friday, the US-based electric vehicle powerhouse sold 6,570 units in May, a 57.7 percent increase compared to the previous year. It outpaced Mercedes-Benz's 6,415 units and BMW's 6,405 units. The two German carmakers have traditionally dominated the top two positions in South Korea's imported car sector. Porsche and Lexus secured fourth and fifth places, selling 1,192 units and 1,134 units, followed by Volvo's 1,129 units in the same period. Tesla's stellar performance was driven by the strong demand for the newly launched Model Y. Released in April, this new flagship mid-size SUV sold 4,961 units, accounting for 94.9 percent of Tesla's sales. The Model Y Long Range, boasting approximately 500 kilometers driving range — 100 kilometers longer than the standard model — also sold 1,276 units. The EV maker's robust sales have partly boosted the overall domestic imported car market. Last month's imported car sales reached 28,189 units, marking a 16.4 percent increase from last year. The cumulative sales from January to May rose by 10 percent, totaling 100,352 units. 'The rise in new registrations of imported passenger cars in May can be attributed to a steady supply from certain brands and the impact of new model launches,' stated KAIDA Vice Chairman Jung Yoon-young. Although Jung did not specify Tesla as the key contributor, figures show Tesla's two Model Y variants were named as the first and third best-selling models, respectively. Industry insiders point to Tesla focusing its supply on Korea, which has likely led to a sales boost, amid global declines. From January to April, the company saw sales drops of 34.6 percent in Europe and 9.1 percent in North America.
CNBC
6 days ago
- Automotive
- CNBC
Tesla's Australia sales soar in May — a bright spot amid struggles elsewhere
Tesla may be facing declining sales in the U.S. and Europe, but it reported a bright spot in Australia — where its electric vehicle sales rebounded to their highest level in nearly 12 months in May. The American EV maker said Tuesday that its vehicle sales jumped to 3,897, primarily driven by record sales of its recently revamped Model Y compact sport utility vehicle. Australian sales of the Model Y soared 122.5% year over year, while sales of the company's Model 3 dropped significantly. Total deliveries in Australia were up just 9.3% year over year but surged over 675% from April when the company sold only 500 EVs, according to data from the Australian Electric Vehicle Council. The EV Council is the exclusive source of Tesla and Polestar sales data in Australia after the brands exited the Federal Chamber of Automotive Industries last year. Tesla's April sales numbers for Australia had been the company's worst performance of the year there. Despite the May rebound, the EV makers' total sales in Australia remains down 48.2% year-to-date compared with the same period last year. "Tesla's strong sales growth in Australia this May is an encouraging sign, driven almost entirely by strong demand for the updated Model Y. But globally, Tesla is still facing headwinds," Liz Lee, associate director at technology market research firm Counterpoint Research, told CNBC. According to Counterpoint EV Sales Tracker, she added, Tesla's sales were down 13% year on year in the first quarter. "Thus, while the latest Australian rebound is meaningful locally, it does not yet signal a broader global recovery." Tesla's global sales have suffered in recent months in light of increased competition and reputational damage related to CEO Elon Musk's political rhetoric and activities. For example, prior to May, Tesla's Australia sales struggled amid reports of vandalism and protests related to Musk's work with U.S. President Donald Trump's administration and support for far-right parties in Europe. Tesla reported on Tuesday that its May sales in the U.S. were down 11% from last year. And European industry groups on Monday noted significantly lower May sales for new Tesla vehicles in Spain, Portugal, Denmark and Sweden. But there have been some bright spots. Tesla posted a surprise bounce back in Norway, where the Model Y helped it post 213% more vehicles in May from a year ago. Tesla also said it hit a record breaking 1,545 sales in Turkey last month. That data comes after Trump hosted a press conference last week, where he announced that Elon Musk would be officially departing from his role within the federal government and White House. Though Trump added that Musk will stay on as an advisor, in a research note following the announcement, Wedbush's Dan Ives said he believed that Musk's days in politics are essentially over after the brand damage suffered by Tesla. The Tesla bull said Musk's pivot back to the EV maker "was the best possible news Tesla investors could have heard," with the rollout of its robotaxi launch expected later this month. Musk has said that Tesla has already been testing driverless Model Ys. Musk's return comes at a time when Tesla is also facing much tighter competition, especially from Chinese EV makers. BYD, for example, has been expanding globally in the face of tight competition in its home market of China, and is increasingly going head to head with Tesla. In April, China's BYD outsold Tesla in Europe for the first time, according to JATO Dynamics. The automotive giant recently announced a slew of discounts, and other Chinese automakers are following suit. In March, it was revealed that Tesla fell behind BYD in total annual sales revenue. And according to a report from JATO Dynamics, BYD sold more pure battery EVs in Europe than Tesla for the first time ever last month in what it called a "watershed moment." In May, however, Tesla was able to regain a lead against BYD in vehicle sales in Australia, with 3,897 sales compared with BYD's 3,225, based on available data. Its worth noting that Tesla exclusively sells full-battery electric vehicles, while BYD also sells hybrid cars. Full-battery EVs run entirely on electricity, while hybrid vehicles combine an electric battery with an internal combustion engine. Amid increasing global competition, Counterpoint's Lee said, Tesla should continue to look to high-potential regions like India, Southeast Asia and parts of Latin America. "These markets are ramping up EV infrastructure and incentives, and Tesla could benefit by moving early, especially if it localizes production and tailors offerings to local preferences," she said. Tesla announced on Tuesday that it is leasing a warehouse in Mumbai that is expected to be used for vehicle servicing as part of the company's long-anticipated India expansion. Tesla was up about 0.5% in trading on Tuesday and is down about 15% year-to-date.
Yahoo
02-06-2025
- Automotive
- Yahoo
The most EV-friendly country in the world is still loyal to Tesla, as Model Y sales surge in May
Registrations of new EVs more than tripled in Norway in May, led by the refreshed Model Y. But European buyers elsewhere are no longer lining up to buy Elon Musk's cars, and a growing number are looking at China-based BYD. There's a paradise on Earth for EV enthusiasts, and it's called Norway. More than nine out of 10 new cars there are fully electric—a statistic unmatched anywhere else—and despite its vast oil riches, fewer than 200 of the overall 43,000 vehicles sold there through April ran on gasoline alone. Even if Europe as a whole appears to be turning its back on Tesla, the world's friendliest country for EVs is proving it remains loyal to Elon Musk's carmaker, according to data published on Monday. Registrations of new passenger cars, which lag retail sales slightly, showed demand for Tesla more than tripled last month to 2,600 vehicles, led by a surge in volumes of the Model Y. The strong showing put Tesla back at the top of all car brands in Norway for the month while also erasing its previous year-to-date losses and then some. The good news is the Y could recoup almost all the ground it had lost as a result of the changeover to the newer version over the first five months. The bad news is now that May showed there was sufficient supply to permit Y sales in Norway to double from April's tally, bulls may have to rethink their thesis that weakness in the rest of Europe is due to constraints stemming from the production ramp of Tesla's best seller. As bright as things look in Norway, the picture for Tesla looks far more challenging across the rest of the continent. The Netherlands registered a 36% year-on-year drop in May, while Sweden saw volumes collapse by more than half. France was the worst hit, with volumes shrinking by two-thirds last month. All three are traditionally strong Tesla markets with an above-average share of EVs in relation to their new car fleets. Yet between them all, there were only 2,281 Tesla cars registered in May. That's fewer than the number of Model Y crossovers in Norway over the same time period. By comparison, Spain is a more difficult market, with EV demand relatively low compared to northern Europe. Here, too, Tesla saw a sharp drop, even if at 29% it was less pronounced. Yet one brand is already seeing explosive growth in Spain: BYD. While published data does not differentiate between EVs and its 'DM-i' range of plug-in hybrids, the Chinese carmaker saw sales increase by a factor of 10 thanks to its Seal U crossover. BYD's success in Spain is part of an ongoing trend. Even before its European car plant in Hungary celebrates its start of production later this year, the brand notched another monthly record for overseas sales. The Chinese EV brand remains firmly on track to eclipse Tesla for the first time across a full year of sales. On Monday, it reported that volumes of its fully electric passenger cars surged by 42% in May. Tesla, which only publishes aggregated data once a quarter, did not respond to a request for comment. This story was originally featured on 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
CNBC
02-06-2025
- Automotive
- CNBC
Stocks making the biggest moves midday: Tesla, BioNTech, DraftKings, Steel Dynamics and more
Check out the companies making headlines in midday trading. Tesla — Shares of the electric vehicle company dropped 3% after sales in May in declined in several European markets. Reuters reported that Tesla suffered weaker sales in Sweden, France, Spain, Denmark and the Netherlands, but improved in Norway, boosted by the revamped Model Y. Advertising stocks — Advertising stocks were lower Monday following a report in the Wall Street Journal that Meta Platforms plans to use artificial intelligence to fully automate its ads by the end of the year. Shares of Omnicom Group lost 4%, while WPP Group and Interpublic shed 2% each. Steel stocks — Steel stocks were higher after President Donald Trump doubled tariff rates on imports to 50%. Cleveland-Cliffs soared more than 24%, while Nucor and Steel Dynamics each climbed 10%. Blueprint Medicines — Shares surged 26% after the biopharmaceutical company agreed to be acquired by Sanofi for $129 per share in a deal worth approximately $9.5 billion. Shares of Sanofi were fractionally lower. Sports betting stocks -- Online sports betting stocks took a hit after Illinois lawmakers passed a budget that included a tax hike. DraftKings dropped more than 5%, while Flutter Entertainment and Rush Street Interactive slipped more than 3% and 1%, respectively. The Roundhill Sports Betting & iGaming ETF (BETZ) fell 1.6%. Auto stocks — Shares of automakers slipped after President Trump doubled tariffs on steel. General Motors and Ford tumbled nearly 5%, while Stellantis shed 3.5%. BioNTech — Shares advanced 18% on a multibillion-dollar deal with Bristol Myers Squibb to partner and co-develop an experimental cancer drug. The deal includes an upfront payment of $1.5 billion. Applied Digital — The digital infrastructure company's shares soared more than 40% after entering two 15-year lease agreements with CoreWeave , a cloud services provider backed by Nvidia . Applied Digital expects to generate $7 billion in total revenue from the leases over the 15-year term. Coreweave jumped about 6% on the news. — CNBC's Alex Harring, Yun Li, Michelle Fox, Lisa Kailai Han and Jesse Pound contributed reporting
CNBC
27-05-2025
- Automotive
- CNBC
How 'copycat' phone maker Xiaomi became a force in China's EV market
Xiaomi rapidly became one of the world's biggest phone makers. Then it made an EV that sold fast and outperformed cars made by veterans, including Porsche and Tesla. American automakers like Rivian and Ford have noticed. Xiaomi's new crossover could be a serious threat to competitors--especially the Model Y. But it faces fallout from a recent crash--and China's EV market is unforgiving.
