🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Tesla expands lead in Norway as EVs dominate market

Published 01/02/2024, 09:44 PM
© Reuters.
TSLA
-

According to registration data released Tuesday, Tesla (NASDAQ:TSLA) has extended its lead over rival automakers in Norway, despite an ongoing conflict between the U.S. electric vehicle maker and the Nordic region's powerful labor unions.

According to the Norwegian Road Federation (OFV), EVs made up 82.4% of the total new vehicles sold in 2023, nearly five out of six new car sales.

Tesla notably increased its market share to 20.0% from 12.2%.

Tesla currently faces resistance from unions and pension funds in the Nordic region due to its stance against acknowledging a demand from Swedish mechanics for collective bargaining rights concerning wages and working conditions.

As a result, various professionals such as Swedish dockworkers, truck drivers, postal employees, electricians, cleaners, and others have opted to abstain from providing services to Tesla. They have garnered support from unions in Norway, Denmark, and Finland, effectively contributing to the obstruction of Tesla car imports into Sweden.

Despite this conflict, Christina Bu, the head of the Norwegian EV Association, noted that there are no apparent signs indicating a negative impact on Tesla sales in Norway.

The Tesla Model Y maintained its position as the best-selling model of the year in Norway. It surpassed competitors such as Volkswagen's electric ID.4 and the Skoda Enyaq in terms of sales and popularity.

Shares of TSLA are down 0.94% in pre-market trading Tuesday morning.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.