Autos & TransportationCommodities

Tesla’s Market Share Plummets in Sweden and Norway Amid Elon Musk’s Controversial Political Stance

Market Update: Tesla Faces Challenges in Scandinavia

In January, Tesla experienced a notable decline in its market share in Sweden and Norway, as the American electric vehicle manufacturer navigates challenges to its popularity. This shift comes amid heightened scrutiny surrounding CEO Elon Musk’s political engagements, according to recent vehicle registration data.

During Monday’s trading session, Tesla’s shares fell by 4.75%.

The data reveals that Sweden recorded the registration of only 405 new Tesla vehicles last month, marking a 44% decrease from January 2024. Similarly, Norway saw registrations drop to 689 new cars, a decline of 38%, despite an overall increase in car demand within both countries.

Recent polling data from Novos Group indicates a dip in public perception of Tesla following a period of controversy. The company’s market share in Sweden plummeted to 2.1% in January, down from 4.2% one year prior, while in Norway it decreased sharply to 7.4% from 21.7% during the same period.

Musk’s outspoken support for former U.S. President Donald Trump and his controversial political opinions on European matters have drawn criticism from various European leaders, including Norway’s Prime Minister. Musk characterized this backlash as an affront to democracy and freedom of speech.

According to the Novos poll, the proportion of Swedes holding a favorable view of Tesla dropped to 11%, down from 19% following Trump’s inauguration, while negative perceptions increased to 63%, up from 47% in the prior survey conducted from January 15 to 17.

This decline in Tesla’s market share comes despite a rise in overall car sales in both Sweden and Norway, where vehicle registrations increased by 14% in Sweden and surged by 82% in Norway on a year-over-year basis in January.

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