Tesla Inc. (NASDAQ:TSLA) shares are rising Monday. Data showed its car registrations jumped across Europe in October, with huge gains in Sweden, Spain, Portugal and Norway. Here’s what you should know.
- Tesla stock is showing upward movement. Why is TSLA stock advancing?
Tesla Stock Rises as European Registrations Surge
Tesla shares are climbing Monday after October registrations rose sharply in several European countries. Spain posted the biggest jump at 271%. Sweden followed at 248%, then Portugal at 186%, Norway at 131%, Italy at 94% and Denmark at 34%, Reuters reported from national agency data.
Some of those jumps start from small bases. Tesla registered 412 cars in Portugal in October and 497 in Italy. Year to date through October, the carmaker has registered 9,673 cars in Portugal, up 62.5%, and 10,919 in Italy, up 21%.
Reuters lists four reasons for the rebound: weak comparisons with last year, higher fuel costs, government incentives and growing demand for electric vehicles. At the end of September, Tesla’s passenger car order backlog stood at a four-year high, the company said in October.
Tesla’s European Rebound is Uneven
Results differ sharply by country, and Chinese automakers are gaining ground. Tesla still counts among Europe’s top electric brands. Its lineup, though, centers on just two cars, the Model Y and Model 3, while competitors sell a wider range.
Norway stands out. OFV data show Tesla notched a record October there and outsold every other brand, with 9.8% of the market. Chinese brands also set a record, reaching 22.5% of new-car registrations. ING economist Rico Luman said Norwegians tend to be wealthier than buyers elsewhere in Europe, which makes cheaper Chinese models less appealing.
TSLA Shares Are Climbing
TSLA Price Action: Tesla shares were up 1.68% at $406.52 at the time of publication on Monday, according to Benzinga Pro.
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