Tesla Sales Drop 60% in Denmark and Sweden

By Douglas A. McIntyre Published Jul 1, 8:05AM EDT

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Tesla Inc. (NASDAQ: TSLA) sales have been dropping in Europe this year.
The worst falloff may have happened in Denmark and Sweden in June.

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Tesla Sales Drop 60% in Denmark and Sweden — © jetcityimage / iStock Editorial via Getty Images

Tesla Inc. (NASDAQ: TSLA | TSLA Price Prediction) 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.

Wall Street Price Prediction: Tesla’s Share Price Forecast for 2025

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.