Finance
Tesla loses market share in Sweden, Norway as Musk looms large
Published by Global Banking and Finance Review
Posted on February 3, 2025
2 min readLast updated: January 26, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on February 3, 2025
2 min readLast updated: January 26, 2026
Tesla's market share in Sweden and Norway dropped in January, possibly due to Elon Musk's political views. Despite rising car sales, Tesla's brand image suffers.
OSLO (Reuters) - Tesla lost market share in Sweden and Norway in January, car registration data showed on Monday as the U.S. electric vehicle maker faces a test of popularity following billionaire CEO Elon Musk's high-profile foray into politics.
A total of 405 new Teslas were registered in Sweden last month, down 44% from January of 2024, while registrations in Norway fell to 689, a decline of 38% over the same period, despite soaring overall demand for cars in the two countries.
While Tesla's Model Y crossover SUV was the most sold car in both of the two Nordic countries in 2024, the group's image has taken a hit in recent weeks, a market sentiment survey by Sweden's Novus Group found according to Swedish news agency TT.
In addition to his strong backing for U.S. President Donald Trump, Musk has also voiced polarising opinions on politics in Europe and beyond, drawing criticism from European capitals, including Norway's prime minister.
Musk, who also runs the X social media platform, has dismissed criticism against him as an affront to democracy and free speech.
Tesla did not immediately respond to a request for comment on Monday.
The share of Swedes having a positive view of Tesla declined to 11% in a Novus survey conducted after Trump's inauguration from 19% in a similar poll conducted Jan. 15-17, while those who said they had a negative view rose to 63% from 47%, TT reported.
Tesla's decline came despite soaring overall auto sales in the two countries, with Swedish car registrations increasing by 14% year-on-year in January while the Norwegian market grew by 82%, boosted by rising economic optimism.
Tesla's share of the overall Swedish car market declined by half to 2.1% in the month of January from 4.2% a year prior, while in Norway it fell to 7.4% from 21.7% over the same period.
The registration volume of individual auto brands can, however, change significantly from month to month dependent on production cycles, product offerings and competition.
(Reporting by Terje Solsvik; Editing by Andrea Ricci)
Tesla registrations in Sweden fell by 44% in January, with only 405 new Teslas registered.
In Norway, Tesla's market share declined to 7.4% in January from 21.7% a year prior.
Tesla's image has taken a hit due to Elon Musk's polarizing political opinions and criticism from various European capitals.
Despite Tesla's decline, overall car sales in Sweden increased by 14% and in Norway by 82% year-on-year in January.
A Novus survey showed that the percentage of Swedes with a positive view of Tesla dropped from 19% to 11% after recent events.
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