The strike against Tesla in Sweden by pro-union individuals did not seem to impact the company’s growth in the country, as new car sales data showed the automaker saw its market share increase once again.
It is proof that, even if there are tensions between the company and some individuals, people will still purchase what product is best. Tesla has proven time and time again that it is at the helm of the EV sector in several regions, including Sweden.
So far, through three quarters, Tesla has sold 16,478 vehicles in Sweden, a 1 percent increase compared to the first three quarters of 2023.
This brought the country’s market share from 7.8 percent in 2023 to 8.5 percent.
Among electric vehicles and their manufacturers, EU-EVs reports that Tesla holds 23.3 percent of that particular sector. Volvo follows with 17.2 percent, Volkswagen with 12.2 percent, Kia with 5.9 percent, and Polestar with 5.8 percent.
Best-Selling Models in Sweden
In terms of models, Tesla’s Model Y is still the undoubted choice of Swedish car buyers. Of the 16,478 vehicles Tesla has sold in the country, 13,260 are of the Model Y, equating to 80 percent of the company’s sales.
The Model 3 is the sixth best-selling EV in Sweden, trailing Volvo, Volkswagen, and Polestar models. The Model 3, despite its new “Highland” design and improved technicals, is still dragging behind other vehicles.
However, the Model 3 is the second best-selling sedan, behind the Polestar 2.
Tesla continued to push toward stronger sales figures for the quarter as well, as last night, we reported the company’s employees were still pushing vehicles out the door.
Tesla Sweden team initiates dedicated, creative Q3 delivery push
Tesla is due to report its Q3 delivery figures sometime tomorrow. Many analysts are anticipating a beat in deliveries, and Tesla will be on pace for 1.8 million units for the year if it can come up big this quarter.
Dan Ives of Wedbush wrote:
“Looking to the rest of the year with the anticipated rebound in delivery performance to the rest of the year, we remain confident in Tesla’s ability to hit 1.8 million deliveries for FY24, which we will view as a solid feat given the extensive white-knuckle moments seen throughout the first half of the year. With the upcoming Robotaxi event expected to provide some notable updates on the company around FSD, AI, and the company’s future, the next phase of the Tesla growth story is around autonomous, Robotaxis, and AI playing out for the Tesla ecosystem over the coming year.”
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News
BYD is under investigation for violating the EU’s EV subsidy rules
The EU is investigating BYD for allegedly using unfair subsidies in its Hungary EV plant.
China’s top automaker, BYD, is under investigation by the European Union for violating the EU’s electric vehicle (EV) subsidy rules.
According to the Financial Times, BYD received unfair subsidies from China which were used in its electric car plant in Hungary. Subsidies from the Chinese government are the main reason the EU Commission decided to implement additional tariffs on exported electric vehicles made in China and sold in Europe. The subsidies from China reportedly enabled car manufacturers to make China-made EVs cheaper in the EU market, affecting Europe’s local OEMs and competition in the domestic market.
The European Commission is in the early stages of a foreign subsidy probe into BYD’s EV plant in Hungary. If the Commission finds evidence that China provided subsidies to BYD’s EV plant in Hungary, it may force the Chinese automaker to sell some assets, reduce capacity, repay the subsidy, and pay a fine for non-compliance.
In October 2024, enough member states of the European Union voted to impose additional tariffs on China-made electric vehicles.
“Today, the European Commission’s proposal to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China has obtained the necessary support from EU Member States for the adoption of tariffs. This represents another step towards the conclusion of the Commission’s anti-subsidy investigation,” announced the Commission after the EU member states’ vote.
The European Union imposed a 17.0% levy on BYD specifically, on top of the EU’s standard car import duty of 10%. Geely received an additional duty of 18.8%, while SAIC received a tariff rate of 35.3%. Most automakers who build cars in China and export to Europe will have a duty of 35.3%. Only a few automakers, like Tesla and BYD, have an assigned duty rate.
Tesla invited the EU Commission to inspect its operations in Shanghai to determine a separate tariff rate for its China-made EVs exported to Europe. Tesla received a duty of 7.8% after the investigation.
Tesla owners are being doxxed by a controversial anti-DOGE website in what it called an act to “empower creative expressions of protest.”
Dogequest, a website that has been created with a clearly outlined use for intimidation against Tesla owners, posted the names, addresses, phone numbers, and other contact information of those who own vehicles made by the electric vehicle manufacturer.
It was spotted by 404 Media.
The site also claims to have the information of employees at the Department of Government Efficiency, as well as the addresses of Tesla dealerships and the locations of Tesla Superchargers. The latter two are public information.
However, the website is hoping to get Tesla owners to sell their vehicles in this evident intimidation tactic. However, the information on the website, while it was seen, was not verified to prove that it contained the information of real-world Tesla owners. The site was not accessible by Teslarati at the time of publication.
The creation of a site like Dogequest is just another level that anti-Elon Musk activists are taking to attempt to destroy a company like Tesla as its CEO works with the Trump Administration to eliminate excessive government spending through the work of DOGE.
It is also the latest attack on Tesla owners, who have seen their vehicles vandalized, damaged, and even destroyed by those who disagree with the actions of Musk.
Tesla as a company has also seen several acts of retaliation against it, as everything from the arson of its showrooms and vehicles to it being kicked from the popular Vancouver Auto Show have come as a result of the recent backlash against the company.
Moving forward, there are still questions surrounding how these attacks will be combatted. The Trump Administration has indicated that acts of vandalism against Tesla would be considered a federal crime, but the tricky part of locating the culprits has proven to be extremely difficult. Only a handful have been found and held accountable.
Tesla (NASDAQ: TSLA) received an upgraded rating on its shares from Wall Street firm Cantor Fitzgerald, who recently took a trip to Austin to visit the company’s data centers and production lines ahead of several high-profile product launches set for this year.
It was a bold move, especially considering Tesla shares are under immense pressure currently, fending off negative news regarding the company’s sentiment and potentially lower-than-expected delivery figures due to the launch of a new version of its most popular vehicle, the Model Y.
However, the bulls on Wall Street are still considering Tesla to be a safe play, especially considering its robust presence in various industries, including automotive, energy, and AI/Robotics.
Cantor Fitzgerald analyst Andres Sheppard said in a note that, during a recent visit to Tesla’s Cortex AI data centers and the production line at Gigafactory Texas, it was clear there is a lot of potential and runway for Tesla in 2025:
“On 3/18, we visited Tesla’s Cortex AI data centers and the factory’s production lines ahead of the company’s introduction of its Robotaxi segment (targeted for June in Austin, followed by CA later in 2025). With Tesla’s shares now down ~45% YRD, we upgrade Tesla to Overweight (from Neutral) ahead of upcoming material catalysts. Our $425 12-month PT is unchanged. Our Thoughts: Attractive Entry Point Ahead of Material Catalysts.”
Sheppard went on to mention the catalysts, which he believes are the Robotaxi rollout in Austin in June, along with the continued rollout of Full Self-Driving in China, the eventual rollout of FSD in Europe, and the introduction of the affordable models in the first half of this year, and those were just on the automotive side.
There are several others, including Optimus, growth in the energy division, and in the longer term, the Semi.
In terms of potential weaknesses, Sheppard expects the likely removal of the EV tax credit and some of its growth to be offset by tariffs as the two big things that stand in the way of even more growth for the company.
Tesla is up over 5 percent on Wednesday, trading at $236.86.
BYD is under investigation for violating the EU’s EV subsidy rules
Tesla owners doxxed by controversial anti-DOGE website in clear intimidation tactic
Tesla gets an upgrade on ‘upcoming material catalysts’
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