Tesla, deliveries in the red (-13.5%). New annual decline is closer

In Europe, the situation is fragmented. As the data arrived on the eve of the event, on the one hand the numbers confirm the difficulties of the Californian brand, on the other hand there are also some interesting exceptions. Italy is confirmed as the tail end of the spectrum, with a 66% year-on-year drop in registrations in June, stopping at 1,697 units. Tesla was overtaken not only by BYD (more than 1,900 vehicles), but also by MG Motor (4,146 registrations) and Omoda/Jaecoo (Chery group), which went from 25 to 1,297 units in the same month. The first-half balance for Tesla in our country is unequivocal: -36.16% compared to the first six months of 2024.

But the slowdown did not only affect Italy. In Sweden, registrations were down 64.4%, and in Denmark the drop was 61.6%, with the Model Y alone down 31% year-on-year. Yet, there is no shortage of opposing signals. In Spain, Tesla registered 2,632 vehicles in June, a leap of 60.7%, recovering some of the ground lost in previous months. Even more marked was the rebound in Norway, where deliveries rose 54% year-on-year, driven by strong demand for the new version of the Model Y, which exceeded 5,000 units.

This two-speed dynamic reflects a Europe divided between increasingly aggressive Chinese drives and the growing polarisation related to the public image of the world's richest man. In some countries, such as Germany and the UK, polls show a sharp decline in his popularity, partly due to his political activism and controversial statements. The renewal of the confrontation with Donald Trump, culminating in threats of retaliation over subsidies to his companies, has added further instability (remember: on Tuesday the share price slumped -5.34%).

In parallel, Tesla is reorganising its chain of command. After the exit of Omead Afshar, the tycoon has regained direct operational control of sales in Europe and the US. Tom Zhu, a key figure in Chinese growth, has been entrusted with global manufacturing operations. A move that may be temporary, but which signals Musk's willingness to refocus on the traditional car business, after months spent between Washington, ambitious projects and battles on social media.

Meanwhile, the narrative around the Texan carmaker seems to be shifting more and more towards technology. On 22 June, the company launched a first robotaxi service experiment in Austin, aimed at a small group of users. The announcement helped to support the stock on the stock market over the past three months (+10%), but it also attracted the attention of US authorities for issues related to the safety of self-driving vehicles.

According to some analysts, such as Gene Munster of Deepwater Asset Management, Tesla is now 'a two-sided story': the more traditional one, linked to the production and sale of electric cars, and the futuristic one, centred on artificial intelligence and autonomous driving. If the former seems to be experiencing a slowdown, it will be the second half of the year that will tell whether the latter can really convince the market and investors.

For Tesla's 'fans', the value of the robotaxi business is set to take over, up to 90% of the capitalisation, which today hovers around $1 trillion. "Tesla's future," comments Dan Ives, of Wedbush, "looks brighter than ever thanks to autonomous driving and robotics. However, Elon needs to focus on driving Tesla and not put his political views first, as his diatribe with Trump is generating further frustration among investors, fuelling fears about a possible more aggressive stance by the administration on Tesla-related government spending."

The next financial results are due on 23 July. Last time the profit was -71 per cent.