Latest news with #NorwegianEVAssociation
Forbes
8 hours ago
- Automotive
- Forbes
Tesla Pulls Off Miracle Recovery In Norway And Australia
The new Model Y doing well in Norway. Photo by Tesla It's not all doom and gloom for Tesla. Elon Musk's company might have just pulled off a minor miracle in both hemispheres. Thanks to Musk's controversial work with DOGE, and the global backlash against that perceived interference and his support of the far-right AdF party in Germany, the American electric vehicle company may be going through a tough time in most of Europe this year with significant 30% plus sales drops in France, Portugal, Sweden, Denmark and the Netherlands. Tesla is one such company that can make news at all times, even when it is not doing well globally. Tesla sales are not doing so great in Europe, except for this one country where Tesla is on a roll. News coming out of Norway in contrast, shows sales results that will lift Tesla's, and Elon's spirits, thanks to public's positive response to the heavily updated Model Y. In May, Reuters reported that the EV company sold 2,600 cars, a huge 213% increase from last year. Leading the charge of course was the popular Model Y, in a country where as many as 92.7% of vehicles sold are EVs. The Y is still holding its spot as Norway's best-selling car for the third consecutive year. Here are some highlights. Robotaxi to debut on June 12 in Texas Photo by Tesla Head of the Norwegian EV Association, Christian Bu, said that the Model Y is the ideal car for Norwegians. He pointed out how the new AWD system, higher ground clearance, and other advanced features only serve to add to the Y's value. Meanwhile in May in Australia, where the Model Y has only just debuted, the Y comprised 3,580 of Tesla's 3,897 total sales down under. Translated that's a 122.5% rise over May 2024 and was Tesla's best month in Australia since June last year. In the U.S., where Tesla deliveries in Q1 were down by 13%, the company desperately needs some good news. That is expected to come from Tesla's highly anticipated upcoming Robotaxi launch in Austin on June 12.
Yahoo
3 days ago
- Automotive
- Yahoo
Tesla Sales Are Falling Worldwide... Except One Country Where They're Spiking
Tesla sales are continuing their decline worldwide. The carmaker is still grappling with the severe damage CEO Elon Musk has dealt to its brand following an incredibly unpopular embrace of far-right ideologies and a chaotic pay-for-play attempt to gut the federal government's budget. Sales figures, particularly in Europe and China, are looking grim. The carmaker sold 15 percent fewer cars in China last month than a year earlier, as Reuters reports. Across Europe, sales are still in freefall, dropping 36 percent in Germany and 45 percent in the UK — despite a significant rise in EV registrations in May. But one European nation, interestingly, is bucking the trend. Tesla sales in Norway have surged a massive 213 percent year over year — primarily the result of the brisk sales of the company's latest version of its Model Y SUV, which was released earlier this year. "The Tesla Model Y has sold well and is popular in Norway, likely because it is good value for money and because it meets Norwegians' needs for large luggage space, high ground clearance, all-wheel drive, and a tow hitch," Norwegian EV Association secretary general Christina Bu told CNBC. EV incentives are also still widely available, making electric car ownership in the Scandinavian nation highly lucrative. (Norway, though progressive in many regards, also has a long history of white nationalism that could be driving sympathy for some of Musk's most extreme beliefs.) Despite the spike in sales, though, it's likely Tesla's sales in Norway would actually be better without Musk's provocations. "As many as 43 percent stated that they would not buy a Tesla for political reasons," Bu said. "We can therefore only speculate how much Tesla would have sold without Musk's support for the MAGA movement and the Trump administration." And Norway is still an extreme outlier as Tesla's crisis continues to deepen. The carmaker's first-quarter earnings were even worse than analysts feared, revealing back in April that its net income had slid an astonishing 71 percent since the first quarter of last year. The company is also still reeling from Donald Trump's tariffs, which have driven up costs of imported auto parts, a reality that seemingly only dawned on Musk after he came by the company for a visit in late April. Meanwhile, Musk has bet the future of the company on the establishment of a fully autonomous robotaxi ride-hailing service and a humanoid robot, dubbed Optimus. But given the largely unfinished and potentially fatally flawed driver assistance software the company's still working on, it's unlikely service will expand any time soon beyond a handful of human driver-supervised vehicles in a suburb of Austin, Texas. The competition, particularly in China, is also really starting to heat up. Chinese EV maker BYD eclipsed Tesla by passing the $100 billion mark in revenue last year, showing that Musk has his work cut out for him to keep his carmaker alive. More on Tesla: Tesla Employees Startled by Elon Musk's Confusion When He Returned to Tesla 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
Globe and Mail
4 days ago
- Automotive
- Globe and Mail
Tesla Sales Plunged in France. What Do Analysts Say About TSLA Stock for June 2025?
Tesla's (TSLA) European operations are experiencing a dramatic downturn, with sales across multiple markets declining sharply despite CEO Elon Musk's claims tht the company has no demand problem. For instance, in France, Tesla's vehicle deliveries declined by 67% year over year to 721 units, the worst monthly performance in three years. This decline occurred even with the refreshed Model Y in full production at Gigafactory Berlin, eliminating previous supply constraints as an excuse for poor performance. The troubling pattern extends across Europe, with Portugal seeing a 68% year-over-year decline despite overall EV sales rising 25%. Denmark, Netherlands, Spain, and Sweden all reported significant double-digit drops, indicating systemic rather than isolated market issues. Tesla Sales Soar in Norway Norway stands as Tesla's sole bright spot in Europe, with sales surging 213% to 2,346 vehicles in May. However, this increase in demand is at least partially tied to aggressive financial incentives, such as interest-free loans and national policies that support EVs, rather than a recovery in organic demand. Political factors are impacting Tesla's brand value in 2025. A Norwegian EV Association survey revealed that 43% of respondents would avoid purchasing Teslas due to political reasons. Further, Musk's support for Germany's far-right AfD party and anti-union stance has sparked protests at European dealerships. Meanwhile, competition continues to intensify as traditional automakers and Chinese manufacturers gain ground. BYD (BYDDY) recently outsold Tesla in pure electric vehicles across Europe for the first time, while established brands like Volkswagen (VWAGY) and Porsche (POAHY) are capturing market share previously held by Tesla. Tesla's attempts to stimulate demand through price cuts and financial incentives across Sweden, Germany, Britain, and France suggest recognition of its weakening competitive position in what was once a growth market. Is TSLA Stock a Good Buy Right Now? Tesla delivered a challenging first quarter, with revenue declining to $19.34 billion, a $1.97 billion year-over-year decrease, while net income dropped to $409 million from $1.39 billion in the prior year period. Despite financial headwinds, Tesla demonstrated operational resilience and maintained a strong balance sheet. It produced approximately 363,000 vehicles and delivered just under 337,000 units during the quarter, executing an industry-first simultaneous production line changeover across all factories for the new Model Y. This ambitious transition resulted in several weeks of lost production but showcased Tesla's advanced operational capabilities. Tesla's energy storage business continues to grow with 10.4 GWh deployed in the first quarter. The EV maker is focused on ramping up production and increasing market penetration in this vertical. However, evolving trade policies pose risks to the energy storage segment. Tesla warned that the ongoing trade war could impact energy generation and storage operations more than its automotive business. Tesla reported an operating cash flow of $2.16 billion and incurred capital expenditures of $1.49 billion. In the year-ago period, its capital expenditures were much higher at $2.78 billion. The company ended Q1 with a cash balance of $37 billion, an increase of $433 million from the end of 2024. What Is the Target Price for TSLA Stock? Tesla faces mounting challenges from macroeconomic pressures, including interest rate fluctuations that affect vehicle financing affordability and intensifying competition as traditional automakers accelerate their adoption of electric vehicles. It continues investing in artificial intelligence, robotics, and autonomous driving capabilities, including the development of the Cybercab robotaxi. Looking ahead, Tesla emphasizes profitable growth through the optimization of existing factories, cost reduction initiatives, and the launch of new models. The next growth phase depends on advances in autonomy, the introduction of next-generation platform vehicles, and vertical integration, including in-house battery cell manufacturing, to improve performance while reducing costs. Out of the 41 analysts covering Tesla stock, 16 recommend 'Strong Buy,' two recommend 'Moderate Buy,' 13 recommend 'Hold,' and 10 recommend 'Strong Sell.' The average target price for TSLA stock is $290, below the current trading price of $344..
Yahoo
17-04-2025
- Automotive
- Yahoo
Why is Norway's EV adoption ahead of the rest of Europe?
Norway leads Europe in electric vehicle (EV) penetration. EVs comprised 88.9% of all new car registrations in 2024, according to the Norwegian EV Association. Comparing this to the 51.5% recorded by runner-up Denmark – the only other EU member state to have EV share surpass the majority of new registrations – Norway is indeed far ahead of its European counterparts and well on its way to becoming the first country to fully electrify its vehicle landscape. Norway's success didn't happen by accident; it is the result of long-term government planning that started in the 1990s, when the first EV incentives were introduced. Over time, these policies were refined and became increasingly attractive for consumers. How has Norway achieved its status as the poster child of EV adoption in Europe, and what can other European countries learn from its success? Norway's clear and enticing EV policies have had a great impact on its EV adoption. For instance, EVs have been exempt from many taxes that apply to traditional vehicles. EVs had no purchase/import tax up until 2022, from which some purchase tax began to apply based on the EV's weight. However, this alone does not make Norway unique; many countries have added incentives to boost EV sales and adoption. Where Norway stands out is its commitment to them over time. The simple explanation for Norway's success in this field comes down to two words: consistency and clarity. 'Besides the actual policies or incentives, they have been consistent,' says Jaap Burger, senior advisor at the Regulatory Assistance Project (RAP), a global non-profit dedicated to accelerating the transition to clean, reliable and equitable energy systems. 'Norway has introduced a series of incentives which allowed EVs to compete on price with fossil fuel cars, or even undercut those prices, but having these policies in place for well over a decade and not changing it too much was key.' Burger adds: 'What other European countries struggle with is introducing subsidy schemes, and then during the year, the subsidy amount dries up. Then, people are left without the subsidy, which stops EV sales. Then maybe the following year, or after the elections, they have a whole different scheme to adjust to.' This was most evident in Germany, which not only saw a drop in EV adoption but a significant decline in sales last year. According to Power Technology's parent company, GlobalData, the overall European EV market experienced a decline in growth in 2024, at just 0.9%. Germany was the main culprit in terms of impacting the decline in growth, with GlobalData reporting a degrowth of -27%. The main cause was the country's halting and watering down of EV incentives, following a period of widespread promotion. While Norway has also adjusted its EV policies over time, the country has signalled the transition from the beginning and ultimately stuck to broader plans, offering transparency to its citizens in terms of the road forward. 'It was quite clear for Norwegians how these incentives were in place and would be gradually reduced over time,' says Burger. For example, the Norwegian Government declared that EVs would require no road tax until 2021, which would rise to reduced tax in 2022. Similarly, there were no charges on toll roads or ferries up until 2017, which rose to a 50% ferry fare fee from 2018 and a 50% toll road fee until 2022. The gradual reduction in such benefits could have triggered a decline in adoption; but because they were indicated from the beginning, citizens were able to choose EVs without fear of being blindsided. Burger clarifies that it was especially helpful that the broader EV road map has been and continues to be 'supported across political colours in Norway'. While the EV revolution has typically put emphasis on positive environmental and financial benefits to the country, Norway has made EVs appeal to its citizens through increased ease of day-to-day life. For instance, Burger notes that 'in the Oslo region, EV users could use the bus lanes' – an incentive that has since been diluted but continues to be useful. In doing this, EVs provided Norwegian drivers with one thing that is typically impossible to buy: the gift of time. And with it, the country offered a higher standard of living. Considering Norway's colder climate, the government also promoted EVs' ability to preheat and defrost the vehicle via the use of a timer. Norway also boasts a comprehensive EV charging network that isn't just limited to urban areas, ensuring ease of access to charging for EV users on a scale not yet available in many countries. Of total EV charging in Norway, 81% is done at home, with 92% of those charging at home owning a charging box, according to the Norwegian EV association. This broad coverage, extending to remote and rural regions, is essential in a country like Norway, which has vast and sparsely populated areas. The switch to EVs has not just been a success with personal cars; 88% of drivers were reportedly satisfied with the transition to electric trucks, according to a survey among electric truck owners and drivers' experience with electric trucks, conducted by the city of Oslo and the Norwegian EV Association in 2024. Additionally, the Norwegian Government has been relatively successful in promoting the environmental benefits of EVs, allowing for users to feel a sense of moral well-being as they participate in the transition. In a presentation at EVision 2025, Christina Bu, secretary-general, Norwegian EV Association, revealed that CO₂ emissions from passenger cars in Norway from 2022 to 2023 were down by 12.1%. When asked what other countries can learn from Norway, Burger says: 'Being consistent, planning for the long run over at least a ten-year period, which also includes planning for gradually scaling down incentives. 'If you plan ahead as Norway has done, you can keep the momentum of the EV transition while giving citizens a heads-up on changes to come over time.' This notion was reiterated by Swedish vehicle manufacturer Scania's CEO Christian Levin: 'Europe needs to come together and decide, just like Norway, that we are going to commit to this.' Norway's playbook for increasing EV adoption serves as an ideal model for other countries, both in Europe and beyond. If other European countries can adopt similar long-term, consistent policies while adapting to their local contexts, they too can accelerate the transition to sustainable transportation and join Norway in helping the EU achieve its climate targets. "Why is Norway's EV adoption ahead of the rest of Europe? " was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
