Tesla (TSLA) is seeing success in at least some parts of Europe. In June, the electric vehicle (EV) maker saw a sharp rise in sales in Norway and Spain, backed by renewed interest in its updated Model Y.
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Specifically, in Norway, Tesla recorded a 54% year-over-year jump in car registrations to 5,646 EVs. Importantly, June’s performance was Tesla’s second-best month ever in Norway since its 2019 entry, trailing only March 2023 when 7,915 units were sold.
The refreshed Model Y, launched in late 2024, was the driving force behind this success. Its sales rose 115% to over 5,000 units.
It must be noted that TSLA is offering a 0% interest rate on the revamped Model Y, with no stated expiration date. So far, the deal appears to be driving strong demand.
For the first half of the year, Tesla’s total sales in Norway reached 13,039 units, a 24.2% increase from the previous year.
Further, Spain also saw a strong performance, with Tesla sales up 60.7% in June to 2,632 vehicles. Model Y registrations more than doubled, rising 127% to 1,179 units.
Not Everything is Rosy
Tesla’s sales boost comes after six quarters of decline across Western Europe. The company has been under pressure due to rising competition from Chinese carmakers and traditional European brands, as well as backlash over Musk’s political stances.
But not all markets are rebounding. In June, Tesla’s registrations plunged 64.4% in Sweden and 61.6% in Denmark. These declines point to the uneven nature of Tesla’s recovery and the challenges it still faces in key European markets.
Is TSLA Stock a Buy?
Turning to Wall Street, TSLA stock has a Hold consensus rating based on 14 Buys, 12 Holds, and nine Sells assigned in the last three months. At $291.31, the average Tesla price target implies a 3.2% downside potential. The stock has declined 16.3% over the past six months.
