Tesla Sales Rise in Norway and Spain, Boosted by Model Y

Tesla logo and Elon Musk silhouette are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/Illustration
Tesla logo and Elon Musk silhouette are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/Illustration
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Tesla Sales Rise in Norway and Spain, Boosted by Model Y

Tesla logo and Elon Musk silhouette are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/Illustration
Tesla logo and Elon Musk silhouette are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/Illustration

Tesla's sales rose in Norway and Spain during June, an early sign that some are buying its revamped Model Y vehicle even as the EV maker struggles with the fallout from CEO Elon Musk's politics and competition from European and Chinese brands.

However, sales dropped for a sixth straight month in Sweden and Denmark, underlining the challenges still facing the company, which is expected to report another fall in quarterly deliveries on Wednesday.

Tesla had seen sales plunge in recent months to multi-year lows in its key European markets as Musk's relationship with US President Donald Trump and embrace of far-right politics in Europe led to protests against his company, as well as vandalism at its showrooms and charging stations.

According to Schmidt Automotive data, Tesla has suffered six straight year-on-year losses in quarterly new registration volumes across Western Europe. The second quarter of 2025 is "looking like it could be a consecutive seventh," Schmidt said.

While Tesla began taking orders for the new Model Y months ago, it only started delivering the car to customers in many European markets in June. In Norway, the first deliveries were in May when the company saw a spike in sales, Reuters reported.

In June, Tesla saw a strong increase in car registrations in Norway and Spain, lifted by both the old and new versions of the Model Y.

In Norway, Tesla

recorded a 54% year-on-year increase in car registrations. Model Y registrations rose 115.3% on a yearly basis to 5,004 units.

"This is a demonstration of power by Tesla. After so much turmoil surrounding owner and frontman Elon Musk, they manage to achieve this result. It's impressive," said Erik Lorentzen, head of the Norwegian Electric Vehicle Association.

In Spain, Tesla sales increased 60.7% in June to 2,632 units. Sales of the Model Y vehicle increased by 127.2% to 1,179 units.

"Significant percentage changes often hide small numbers, and some European markets only have hundreds or low thousands of sales each month, which can be impacted by logistics, stock levels, and new product launches," said Andy Leyland, co-founder of supply chain specialist SC Insights.

In Sweden, Tesla's registrations fell 64.4% in June from a year earlier.

Tesla's sales were also down 61.6% in Denmark, where sales of its new Model Y fell 31.2% compared with last year to 1,155 cars, showing no signs of reviving the brand's fortunes.

Tesla has not launched a new mainstream model since 2020, while traditional automakers are rushing to produce more affordable electric cars and Chinese rivals, such as BYD, are rapidly taking market share.

"A new model update is the classic extension strategy for a product that is used to inflate a product's lifecycle, giving a short-term bounce," said Matthias Schmidt of Schmidt Automotive.

The publication of Tesla's monthly car registration figures coincided with a renewal of a dispute between Musk and US President Donald Trump regarding a sweeping tax-cut and spending bill.

Shares in Tesla were down 4.1% in premarket trading.



OIC Members Select Riyadh to Host Organization's 1st Cybersecurity Ministerial Council

 Buildings and construction sites fill the skyline, in Riyadh, Saudi Arabia, Wednesday, Oct. 14, 2026. (AP)
Buildings and construction sites fill the skyline, in Riyadh, Saudi Arabia, Wednesday, Oct. 14, 2026. (AP)
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OIC Members Select Riyadh to Host Organization's 1st Cybersecurity Ministerial Council

 Buildings and construction sites fill the skyline, in Riyadh, Saudi Arabia, Wednesday, Oct. 14, 2026. (AP)
Buildings and construction sites fill the skyline, in Riyadh, Saudi Arabia, Wednesday, Oct. 14, 2026. (AP)

The 52nd session of the Council of Foreign Ministers of the Organization of Islamic Cooperation (OIC) approved the establishment of an OIC council of ministers of cybersecurity, following a proposal by Saudi Arabia, reported the Saudi Press Agency on Monday.

The council aims to strengthen cybersecurity across OIC member states, protect their vital interests and national security, deepen cooperation, and safeguard their interests in international organizations dealing with cybersecurity.

The decision establishes the council as a subsidiary body of the OIC and the organization's main reference for cybersecurity-related matters. Its general secretariat and executive office will be based in Riyadh, with each headed by a representative of the host country. The council will comprise the cybersecurity authorities of OIC member states.

Governor of the National Cybersecurity Authority Majed Al-Mazyed said Saudi Arabia's proposal came amid growing cyber threats worldwide that pose risks to nations' vital interests, critical infrastructure, priority sectors, and government services and activities.

He stressed the importance of strengthening cybersecurity across OIC member states as a key driver of economic growth, community well-being, and individual prosperity, as well as a fundamental pillar of international peace and security.

Al-Mazyed also expressed appreciation for the Saudi leadership's strong support for the cybersecurity sector and thanked the members of the National Cybersecurity Authority's Board of Directors, chaired by Saudi Minister of State and Cabinet Member Musaed Al-Aiban, for their continued attention and oversight.

Saudi Arabia draws on a long track record of leading international initiatives to strengthen cyberspace stability, hosting regional and international cybersecurity entities, and supporting strategic initiatives in the field, he added.

Riyadh's selection as the headquarters of the OIC cybersecurity ministerial council - the world's second-largest intergovernmental organization after the United Nations, with 57 member states - reflects the Islamic world's confidence in Saudi Arabia's ability to lead international initiatives and projects and advance their strategic objectives, Al-Mazyed said.

The selection is expected to help strengthen cooperation among member states across various fields, including cybersecurity, he stressed.

Al-Mazyed also highlighted Saudi Arabia's role in establishing regional and international cybersecurity entities, including the Global Cybersecurity Forum (GCF) and the Arab Cybersecurity Ministers Council, which was established following a Saudi proposal, with Riyadh selected to host its secretariat and executive office.

Other initiatives include the Center for Cyber Economics (CCE), established through a partnership between the GCF and the World Economic Forum, and Riyadh's recent hosting of the first cybersecurity office affiliated with the United Nations Institute for Training and Research (UNITAR).


Nvidia Wins Fast-Growing AI Startup Modal for New Central Processors

The Nvidia logo and a keyboard in this illustration taken October 19, 2026. (Reuters)
The Nvidia logo and a keyboard in this illustration taken October 19, 2026. (Reuters)
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Nvidia Wins Fast-Growing AI Startup Modal for New Central Processors

The Nvidia logo and a keyboard in this illustration taken October 19, 2026. (Reuters)
The Nvidia logo and a keyboard in this illustration taken October 19, 2026. (Reuters)

Nvidia ‌has won central processor chip business with another fast-growing AI startup that until now relied entirely on chips from Intel and AMD, an early sign that its push into a market long controlled by those two rivals has traction.

Modal, a cloud-computing startup that rents out computing power to AI developers, said it plans to start using Nvidia's new Vera central processor for the first time for hosting agents, the AI systems that can carry out long-running tasks for human users. Modal until ‌now has ‌run such work only on Intel and AMD ‌chips.

Modal ⁠last week raised $750 ⁠million in a funding round led by Accel at a $15.75 billion valuation, saying it is on track to record $1 billion in sales over the next year. Modal said usage of its services has tripled and revenue has grown more than 15 times year-over-year.

Modal said Monday that early tests showed the ⁠new Nvidia chip doubled the amount of work ‌that AI agents can ‌get done, prompting the company to support Nvidia's chip design for the first ‌time, which will require some deep software changes ‌on Modal's side.

But Chief Executive Erik Bernhardsson was careful to stress it is not abandoning its existing suppliers. The company said it will run the Nvidia chips alongside its current Intel and AMD offerings in ‌a mixed fleet, putting each job on whatever hardware runs it best.

Bernhardsson said the tests ⁠were run ⁠against the Intel and AMD chips already on the market. Both Nvidia rivals are developing newer models that could narrow the gap with Nvidia.

"We'll test them when they're available," he said, adding that running a mixed setup means the company "can always deploy whatever hardware performs best."

Nvidia has told investors it expects to generate at least $20 billion from Vera chip sales this fiscal year, its opening bid for a market it values at roughly $200 billion. Nvidia has previously said OpenAI, Anthropic and Oracle also plan to use the chips, along with AI startups such as Perplexity.


Musk Says Will Give SpaceX Share to 'Every Kid in America'

FILE PHOTO: SpaceX logo and miniature satellite model are seen in this illustration taken, March 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: SpaceX logo and miniature satellite model are seen in this illustration taken, March 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Musk Says Will Give SpaceX Share to 'Every Kid in America'

FILE PHOTO: SpaceX logo and miniature satellite model are seen in this illustration taken, March 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: SpaceX logo and miniature satellite model are seen in this illustration taken, March 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Tech billionaire Elon Musk said on Monday that he would give every child in the United States a share in his SpaceX rocket company.

"Next year, I will give one of my SpaceX shares to every kid in America," Musk, the richest man in the world, said on X.

"This will be the first of many," he said, without providing details about how the scheme would work, AFP reported.

There are around 73 million children under the age of 18 in the United States, according to 2024 data from the US Census Bureau.

Musk owns 38 percent of SpaceX, according to Forbes.

His announcement comes after President Donald Trump promised last month to give every American adult $5,000 if his Republican party retains control of Congress in November's midterm elections.

SpaceX set the record for the largest initial public offering in history, raising $85.7 billion in June.

The company's Starship megarocket reached orbit for the first time in September, a milestone for the rocket central to Musk's Mars ambitions.