Amid bleak December, Tesla breaks Beetle’s sales record held since 1969 in biggest EV market in Europe | Mint
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Business News/ Auto News / Amid bleak December, Tesla breaks Beetle’s sales record held since 1969 in biggest EV market in Europe
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Amid bleak December, Tesla breaks Beetle’s sales record held since 1969 in biggest EV market in Europe

Meanwhile, Tesla has been compelled to introduce large discounts in a number of locations in the US.

FILE PHOTO: Tesla Inc CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car during an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo (REUTERS)Premium
FILE PHOTO: Tesla Inc CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car during an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo (REUTERS)

In the biggest EV market in Europe - Norway, Tesla has declared a significant achievement. In terms of yearly sales, the Tesla Model Y has surpassed all other automobiles, selling 3,738 Model Y cars in the European nation. Despite the fact that the year isn't yet through, Tesla has already sold enough Model Y cars to break the previous annual sales record set by the Volkswagen Beetle back in 1969.

Elon Musk’s automobile company observes less impressive returns elsewhere, notwithstanding its strong achievement in Norway. The company's dominant position in the international EV markets is more precarious than ever with its CEO distracted by its Twitter obsession.

In order to keep customers buying the numerous automobiles that were already piling up in its stocks, the American EV manufacturer was compelled to introduce large discounts in a number of locations, including the United States and Canada.

Also Read: Elon Musk says ‘will not sell’ more Tesla stock for another 2 years

Tesla notified some staff that there might be a hiring freeze and layoffs in 2023, thus the problem extends beyond sales. This is concerning because Tesla is having difficulty ramping up production at the Giga Texas and Berlin plants.

A new production line for the Cybertruck is being constructed in Austin by Tesla, which has also begun producing Semis in Nevada. It is realistic to assume that without adding more people, Tesla would not be able to implement all of these modifications.

Also Read: Tesla doubles discounts on Model 3, Model Y vehicles

As a result of a worsening sell-off caused by concerns about waning demand for electric vehicles and Musk's distraction with Twitter, Tesla shares are on course to have their worst month ever. Following news that the carmaker was offering $7,500 discounts on Model 3 and Model Y electric vehicles delivered in the US in December, the stock fell over 10% on December 22 to its lowest level since September 2020.

Tesla's stock is on course to have its worst monthly performance ever after falling 36% so far in December. In contrast, when the coronavirus epidemic sent the global markets into a spiral in March 2020, Tesla's shares fell 22%.

(With agency inputs)

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ABOUT THE AUTHOR
Sounak Mukhopadhyay
Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. He's also contributed to Free Press Journal and TheRichest with feature articles. He covers news for a wide range of subjects including business, finance, economy, politics and sports. Before working with digital news publications, he worked as a freelance content writer.
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Published: 24 Dec 2022, 06:53 AM IST
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