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
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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.



Taiwan Tech Giant Foxconn’s 2024 Profit Misses Forecasts 

The logo of Foxconn is on display during the Smart City Summit & Expo pre-event press conference in Taipei, Taiwan, 11 March 2025. (EPA)
The logo of Foxconn is on display during the Smart City Summit & Expo pre-event press conference in Taipei, Taiwan, 11 March 2025. (EPA)
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Taiwan Tech Giant Foxconn’s 2024 Profit Misses Forecasts 

The logo of Foxconn is on display during the Smart City Summit & Expo pre-event press conference in Taipei, Taiwan, 11 March 2025. (EPA)
The logo of Foxconn is on display during the Smart City Summit & Expo pre-event press conference in Taipei, Taiwan, 11 March 2025. (EPA)

Taiwanese tech giant Foxconn reported on Friday a lower-than-expected net profit for 2024 as consumer electronic gadgets underperformed, although demand for its artificial intelligence servers remained robust.

The world's largest contract electronics manufacturer has been moving beyond assembling devices such as Apple's iPhones into areas ranging from electric vehicles to AI servers.

The company said full-year net profit rose seven percent to NT$152.7 billion (US$4.6 billion).

That compares with an average forecast of NT$159.4 billion, according to a Bloomberg News survey of analysts.

Full-year revenue rose 11 percent to NT$6.9 trillion, beating the market forecast of NT$6.8 trillion.

Foxconn, also known as Hon Hai Precision Industry, has been riding a wave of global demand for generative AI in recent years.

The company reported a "strong performance" in its AI server business, with revenue up 150 percent, according to documents released ahead of an earnings call with analysts.

This year would be the "Year of AI", the company said, with shipments increasing in every quarter.

The earnings announcement comes as US President Donald Trump imposed tariffs against major trading partners including China, Canada and Mexico, igniting trade wars and causing markets to fall.

While Foxconn has plants around the world, the bulk of its operations is based in China, which has been hit by 20 percent levies on products shipped to the United States.

Foxconn is building a mega-AI server plant in Mexico, which a local official told Bloomberg recently would be completed in a year despite Trump's tariff threats.

The $900 million assembly plant near Guadalajara will become the world's largest to be powered by Nvidia's GB200 AI chips, Jalisco Governor Pablo Lemus Navarro said.

Foxconn has also been in the spotlight over potential cooperation with Japanese automaker Nissan after its merger talks with rival Honda fell through in February.

Chairman Young Liu said previously that Foxconn was open to buying French auto giant Renault's stake in Nissan and was looking into a cooperation with Nissan, not a merger.

Foxconn has been looking to expand into the Japanese EV market and Liu said last month the company would announce "good news" in EVs within one or two months.