Silicon Valley’s Tesla Motors Inc (NASDAQ:TSLA) sold 1,493 Model S sedans in March alone to a country that numbers just over five million denizens. This despite the fact that Tesla’s CEO Elon Musk was forced to apologize just last month to Norwegian consumers for a Tesla adapter that didn’t properly interact with the Norwegian grid for charging.
Tesla selling like hotcakes
The 1,493 shipped units represent more than a two-fold increase in typical monthly sales to the tiny Scandinavian country that is now Tesla Motors Inc (NASDAQ:TSLA)’s No. 2 market. The VW Golf came in second with the sale of 624 of the popular gas-powered economy car.
Marathon Partners Equity Management, the equity long/short hedge fund founded in 1997, added 8.03% in the second quarter of 2021. Q2 2021 hedge fund letters, conferences and more According to a copy of the hedge fund's second-quarter investor update, which ValueWalk has been able to review, the firm returned 3.24% net in April, 0.12% in Read More
Tesla Motors Inc (NASDAQ:TSLA) has four dealerships in Norway, including two in Oslo and two more on the west coast. Somewhat ironically, Norway is enjoying a booming economy due to its oil and gas industries, but the country still provides significant tax incentives for those that purchase electric cars. Given the sheer luxury that is the Model S, many have criticized this policy as the government subsidizing comfort for those with a bank account sufficient to write the check.
Esben Petersen, a Tesla spokesman, said “Norway is a small country and there is huge demand for our cars.” This is precisely why Mitsubishi, and Nissan have also targeted the Nordic nation with its electric car offerings. The Nissan Leaf was Norway’s top seller in February with deliveries reaching 484 cars.
In addition to tax incentives, numerous municipalities offer both free parking and charging to electric vehicle owners as well as access to high-speed lanes for drivers without a passenger or carpool.
Prior to Tesla Motors Inc (NASDAQ:TSLA)’s shattering of Ford Motor Company (NYSE:F)’s record, the only other car that close was in 1992 when Subaru delivered 1,328 Forresters.
With the numbers today, the top five selling electric cars in Norway were responsible for over 20% of all vehicles sold no matter their power source. The news was even well received at the Bellona Foundation that battles an array of climate issues.
“I don’t often entertain myself with car sale statistics, but this is one I will read as a bedtime story for children,” said Bellona President and Tesla Motors Inc (NASDAQ:TSLA) enthusiast Frederic Hauge.