Tesla, European sales slump in April. Italy bucks the trend

In Denmark, another traditionally favourable market for electric cars, Tesla lost 67.2% compared to April 2024, stopping at 180 new registrations. In March, the drop had been almost identical (-65.6%).

It was also bad in Portugal: -33% in April compared to the same month in 2024, to just 302 units, while all new registrations of light electric vehicles increased by around 32%, the Portuguese automotive industry association Acap said on Friday. In the first four months of the year, Tesla's sales in Portugal fell 26.7 per cent to 2,447 units, although this was only the second largest drop among car brands after Italy's Fiat, whose sales plummeted 36 per cent to 2,239 units.

The exception is Norway, another key market for electric cars (over 90% of new registrations). Sales were up 11.8% in April (976 vehicles) compared to the same month last year, according to the Norwegian Road Federation. This is a rebound after Tesla sold 3,808 cars in Q1 2025, down 25 per cent from 5,090 in the same period in 2024, compared to +42 per cent for the market.

In April, according to data published by the Ministry of Infrastructure and Transport, Tesla registrations in Italy grew by 29.28%, a very positive figure if it were not for the absolute figure of 446 cars. In contrast, however, with the data recorded in the rest of Europe. The increase in Italy follows the rise in March (+51.3%), the drop in February (-54.46%) and the +0.99% in January. However, the balance for the first four months of the year remains negative, with 3,916 registrations, down 3.67% compared to the same period in 2024. In the whole of 2024, the electric car giant's registrations were down 5.91%. A strong signal in Italy (thanks to the endothermic, however) came from the Chinese brand MG Motor, a group controlled by the giant Saic Motor: in April, it registered 5,488 cars (+50.56%, compared to the rise recorded in Europe with +48.6% in March and +33.5% in the quarter).

The European context is made even more incandescent by the rumours - officially denied - about a possible replacement of Elon Musk at the helm of Tesla. The Wall Street Journal reported that the board (urged on by big investors - including Vanguard, BlackRock, Morgan Stanley, JP Morgan, Norges Bank - who are increasingly concerned) has reportedly initiated contacts with headhunting companies to evaluate alternatives. The chairman of the board, Robyn Denholm, denied everything, reaffirming 'full confidence' in the CEO. Musk, increasingly absorbed by political assignments and parallel projects, has long since shifted his focus from electric vehicles to futuristic promises: robotaxis, artificial intelligence, humanoid robots. The vision is there,the stellar multiples hold up despite the -30% drop in the share price since the beginning of the year (to $280 and 900 billion capitalisation), but sales are falling.

For some analysts there is no question, Tesla is Musk and Musk is Tesla: up to 75% of the stock market capitalisation would be linked to his figure and his bold bets. But the increased political polarisation, the lack of operations, the continuous announcements without tangible repercussions and the aggressiveness of new competitors, particularly from China (where sales in March went very well but those in April are said to have fallen sharply, according to rumours), are undoubtedly eroding the brand's position in the market. 'We believe Musk will remain ceo of Tesla for at least five years,' commented Wedbush's Daniel Ives, 'and we would be surprised if the board is still pursuing this path as of today. We continue to believe that Musk's days in the White House are coming to an end after this strong warning signal from the board'.

The coming months will be decisive. After a disastrous first quarter, with revenues down 20% and profits down 71%, investors and observers are waiting to see whether the European crisis is an isolated episode or the beginning of a structural trend. What is certain is that Europe, once a favoured market for Tesla, now seems to be turning its back on it.

The group is offering loan discounts and other financial incentives for new purchases in Norway, Sweden, Germany and the UK in an attempt to stimulate demand.

Tesla has to contend with increased competition from European manufacturers (the Volkswagen Group is well ahead in the registration rankings) and the entry of new Chinese players, especially BYD in the medium term.

'Tesla's technological advantage,' argues Andy Leyland, co-founder of SC Insights, 'has been largely eroded with the current model range, Competition will weigh on sales.