Tesla Loses Market share in Sweden, Norway as Musk Looms Large

A general view of a Tesla store in Porsgrunn, Norway, December 24, 2021. REUTERS/Victoria Klesty/File Photo
A general view of a Tesla store in Porsgrunn, Norway, December 24, 2021. REUTERS/Victoria Klesty/File Photo
TT
20

Tesla Loses Market share in Sweden, Norway as Musk Looms Large

A general view of a Tesla store in Porsgrunn, Norway, December 24, 2021. REUTERS/Victoria Klesty/File Photo
A general view of a Tesla store in Porsgrunn, Norway, December 24, 2021. REUTERS/Victoria Klesty/File Photo

Tesla lost market share in Sweden and Norway in January, car registration data showed on Monday as the US 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, Reuters reported.

In addition to his strong backing for US 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.



Amazon, Google Sign Pledge to Support Tripling of Nuclear Energy Capacity by 2050

The logo of US online retailer Amazon is displayed at a logistics centre in Trapagaran, northern Spain, November 22, 2023. REUTERS/Vincent West/File Photo
The logo of US online retailer Amazon is displayed at a logistics centre in Trapagaran, northern Spain, November 22, 2023. REUTERS/Vincent West/File Photo
TT
20

Amazon, Google Sign Pledge to Support Tripling of Nuclear Energy Capacity by 2050

The logo of US online retailer Amazon is displayed at a logistics centre in Trapagaran, northern Spain, November 22, 2023. REUTERS/Vincent West/File Photo
The logo of US online retailer Amazon is displayed at a logistics centre in Trapagaran, northern Spain, November 22, 2023. REUTERS/Vincent West/File Photo

Major companies such as Amazon and Google on Wednesday signed a pledge to support the goal of at least tripling the world's nuclear energy capacity by 2050, on the sidelines of the CERAWeek conference in Houston.

Shale company Occidental and Japanese heavy machinery maker IHI Corp also added their names to the pledge.

"We are truly at the beginning of a new industry," US Energy Secretary Chris Wright told Reuters in an interview at the CERAWeek conference on Tuesday.

The pledge is expected to gain more support in the coming months from industries including maritime, aviation and oil and gas, said the World Nuclear Association (WNA), the nuclear industry group that facilitated the pledge, in a press release.

It adds on to the vow from over 30 countries, which also aimed to triple capacity by 2050 in 2023.

Nuclear energy, a source of clean power, generates 9% of the world's electricity from 439 power reactors, according to WNA.

It has also become a compelling solution for power-guzzling data centers, with Big Tech firms already having signed multiple billion-dollar

deals with utilities.

In January last year, prices of uranium oxide, which is used in nuclear technology, hit their highest in over 16 years due to supply uncertainty and higher demand, having gained momentum in 2021 when disruptions caused by COVID-19 lockdowns hit supplies.

Despite the demand, its supply is still constrained as global uranium production is heavily concentrated in Kazakhstan, Canada and Australia, accounting for around two-thirds of global output in 2022, according to WNA.

As of early 2025, the world had only around 411 nuclear power reactors operating, with a combined capacity of 371 gigawatts.

Amazon, which says it has spent over $1 billion on nuclear energy projects and technologies, is exploring small modular reactor projects as well.

Meta and Google are also looking into the nascent technology.