Tesla Sales Drop 60% in Denmark and Sweden

Tesla Inc. (NASDAQ: TSLA) sales have been dropping in Europe this year, and in some cases the declines have been in the mid-double digits. The worst falloff may have happened in Denmark and Sweden in June. Tesla registrations were down 64.4% in Sweden and 61.6% in Denmark. These may be a canary in a coal mine for June sales in other EU countries and England.

Reuters reported the figures but did not give any reasons. Most likely, it is CEO Elon Musk’s work with President Trump as part of a program to cut federal expenses. During that time, Musk became viewed as a right-wing conservative. He also started to meddle in EU politics as he endorsed German right-wing candidate Alice Weidel, who was running for chancellor. Many were surprised he would try to influence Europe’s political elections.

Musk’s problems in Europe were nearly as bad in May. Tesla’s overall sales in Europe dropped 29.7% while electric vehicle (EV) sales in the region for the month were up 27.2%.

Tesla also has deep problems in China, which is the world’s largest EV market. Its sales there dropped by over 15% in May. The Chinese market is dominated by China-based companies, led by EV giant BYD, which has also started to expand into other countries.

Tesla does not release U.S. sales numbers. However, estimates are that its market share has fallen below 50% for the first time. GM, Ford, Hyundai/Kia, and BMW had modest gains. Cox Automotive put Tesla’s market share at 42% in March.

As Tesla’s sales decline in many parts of the world, Musk has promoted the company as a leader in artificial intelligence. He claims Tesla is ahead in developing fully self-driving cars and has launched a test in Austin to demonstrate this. For Tesla shareholders, he better be right.

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