Tesla Inc.'s (NASDAQ:TSLA) sales fell for the seventh consecutive month in Denmark, Sweden and France as the EV giant’s woes show no signs of relief for Elon Musk.
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What Happened: Swedish sales fell 86% YoY in July with 163 cars sold, while Denmark recorded a 52% drop in sales with 336 units sold and France saw sales drop almost 27% with 1,307 cars sold, Reuters reported on Friday.
Model Y registrations fell by 88% in Sweden and 49% in Denmark during July, the report suggests. Despite the slump in Sweden and Denmark, overall car sales were up in both markets by 6% and 20% respectively.
Why It Matters: The news comes as Musk had warned that the company would experience a "rough few quarters" ahead, with sales figures dwindling in multiple markets across the globe.
However, Musk said the company will release an affordable, scaled-down version of the Model Y, which could help boost sales. Experts, on the other hand, have criticized the decision, saying it could lead to cannibalization.
The company also stopped taking new orders for the Model S and Model X in Europe, which could be another sign that sales are down in Europe for Tesla.
Tesla scores well on Momentum and Quality, while offering satisfactory Growth, but poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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