- Tesla‘s new vehicle registrations plummeted 42% in France and 88% in Norway for January 2024.
- The sharp decline contributed to a more than 2% drop in Tesla’s pre-market share price on Monday.
- Legacy and other EV brands like Fiat, Renault, and Citroen saw significant registration increases in those markets.
- This extends a struggling trend for Tesla in Europe, following a 27% annual registration decline in 2023.
Tesla Inc faced renewed market pressure on Monday after reporting a drastic slump in European registrations for January, according to data from industry trackers. The electric vehicle giant’s shares fell more than 2% in pre-market trading following the news.
In France, new Tesla registrations crashed 42% last month to just 661 vehicles, data from auto body Plateforme automobile (PFA) shows. Meanwhile, competitors like Fiat, Renault, Mercedes, and Volvo each posted surges exceeding 20%.
The situation was even more severe in Norway, a traditionally strong market for the company. Consequently, new registrations there plunged 88% to 83 from 689 a year earlier, according to OFV. Brands such as Citroen and JAC recorded the largest increases during the same period.
This January struggle extends a concerning pattern from late 2023. European registrations for Tesla had already fallen 20% year-over-year in December, even as the broader battery electric vehicle market jumped 50%.
For the full year 2023, the company’s European registrations declined about 27% to 238,656 units. Read updates to this developing story on Stocktwits.
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