Tesla reported robust sales growth in Europe for May 2023, achieving a record 5,446 vehicle registrations in France, marking a 655% year-over-year increase. Overall, Tesla’s registrations surged in several markets, with Denmark seeing a 136% rise to 1,750 vehicles and Spain registering 1,690 units, up 113% from the previous year. Norway recorded 3,345 registrations, representing a 29% increase, while Sweden saw an increase of 71% to 858 vehicles.
Tesla’s improved performance follows an earlier turnaround strategy and aligns with broader trends in the European EV market, where vehicle registrations for electrified models rose about 21% in April 2023. The Model Y remains Tesla’s best-selling vehicle in Europe, significantly contributing to the sales figures across various countries.
Despite the encouraging sales data, Tesla stock has underperformed the Zacks Automotive – Domestic industry, declining 7.5% year to date compared to the industry’s 5.1% drop. Additionally, the company is considered overvalued with a forward price/sales ratio of 14.79, compared to the industry’s 3.64.
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