Tesla’s China Breakthrough: Musk Scores Rare Win Amid Global Sales Rollercoaster

Elon's electric empire just caught a tailwind in the world's biggest EV market—but the road ahead looks bumpier than a Cybertruck's suspension.

Shanghai surprise: While legacy automakers stall out in China, Tesla's local playbook delivers a much-needed win. The victory lap comes just as Q2 delivery numbers reveal whiplash-inducing volatility across other regions.

Wall Street's take? 'Typical Tesla—solve one problem and three new ones appear,' muttered one analyst while adjusting their 12-month price target for the 47th time this quarter. The EV pioneer continues to defy traditional auto sector metrics, for better or worse.

Meanwhile in crypto-land, Bitcoin maximalists are taking notes—if Tesla can maintain a $800B valuation while missing every production target, maybe 'number go up' really is the only fundamental that matters.

Tesla sees sales rise in Norway and Spain

Tesla’s registrations climbed in Norway and Spain, hinting that buyers are embracing its refreshed Model Y. Portugal also saw sales edge up, although local figures did not clarify if the Model Y drove that increase.

Recent protests over CEO Elon Musk’s links to former President Donald TRUMP and support for far-right politics in Europe have taken a toll, with shows of vandalism against Tesla’s showrooms and charging points.

Schmidt Automotive data show Tesla has recorded six straight year-on-year quarterly losses in new registrations across Western Europe. It looks like Musk’s EV firm will record its seventh straight drop in deliveries in the second quarter of 2025.

Tesla began taking orders for its updated Model Y several months ago, but deliveries to many European customers did not start until June.

In Norway, the first new Model Ys reached buyers in May, sparking a jump in registrations of 54% year-on-year in June and a 115.3% rise for the Model Y 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’s sales jumped 60.7% in June to 2,632 vehicles, with Model Y deliveries up 127.2% to 1,179. In Portugal, overall Tesla sales rose 7.3%.

“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.

Sweden and Denmark sales sink over 60%

Tesla’s registrations fell sharply in Sweden, down 64.4% in June. In Denmark, overall deliveries slid 61.6%, with Model Y sales dropping 31.2% to 1,155 cars. Tesla’s sales were also down 10% in France and plunged 66% in Italy, even as all-electric car registrations in Italy rose 117% in June.

Tesla has not introduced a new mainstream model since 2020, while legacy automakers are rolling out more affordable electric cars and Chinese rivals like BYD gain market share rapidly.

“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 registration figures came as Musk renewed his public dispute with Donald Trump over a sweeping tax cut and spending bill. TSLA shares closed down 5.3% in Wednesday afternoon trade. Tesla is due to announce another drop in quarterly figures on Wednesday.

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