Tesla Stock Dips Pre-Market After Sharp Declines In November Registrations In France And Denmark: Report
Synopsis
While registrations in France and Denmark fell by around 50% in November, registrations in Norway increased by 175%.
- French registrations fell 58% year-on-year to 1,593 vehicles, while Denmark saw a 49% drop to 534 units.
- Tesla has delivered 28,606 vehicles year-to-date in Norway, reportedly surpassing the country’s full-year sales record, previously held by Volkswagen in 2016.
- Stocktwits’ retail sentiment surrounding Tesla remained in the ‘bullish’ territory.
Tesla Inc.’s (TSLA) European momentum reportedly weakened in November, with registrations in France and Denmark plunging despite the launch of refreshed versions of its best-selling Model Y.
According to a Reuters report, official data showed French registrations down 58% year-on-year to 1,593 vehicles, while Danish registrations fell 49% to 534 units. The Model Y, once the region’s top seller, ranked 23rd in Denmark with 206 units sold. While Model 3 registrations rose 29% in the Scandinavian country, Model Y registrations tumbled 74%.
The declines add to a challenging year for Tesla in Europe, where sales have fallen around 30% through October.
Record-Breaking Sales In Norway
Norway was a bright spot for the automaker. Tesla saw a 175% increase in registrations to 6,215 new vehicles in November, lifting its year-to-date tally to 28,606 and reportedly exceeding the country’s full-year sales record, previously held by Volkswagen in 2016, with a month to spare.
Norwegian demand surged ahead of a scheduled EV tax increase from January, helping Tesla nearly triple its November sales from a year earlier in a market where fully electric cars accounted for 97.6% of registrations.
How Did Stocktwits Users React?
Retail sentiment on Stocktwits remained in the ‘bullish’ territory over the past 24 hours.
TSLA was down 1.2% in premarket trading on Monday. The stock had gained in the previous four sessions. Tesla stock is also on track to record its first monthly decline in four.
Year-to-date, TSLA shares have gained more than 10%.
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