Stock Markets February 2, 2026

Tesla European registrations slump in January, with France and Norway hit hardest

Company begins 2026 facing sharp declines in key markets while broader BEV registrations in Europe rise

By Derek Hwang TSLA
Tesla European registrations slump in January, with France and Norway hit hardest
TSLA

Tesla began 2026 with significant declines in new registrations across several European markets. France recorded a more than 40% drop to 661 cars in January, while Norway saw registrations collapse by 88% after policy changes affecting VAT exemptions. These country-level setbacks follow a wider pattern: Tesla's European registrations fell 27% in 2025 even as the battery-electric vehicle (BEV) segment expanded by 30%.

Key Points

  • Tesla's European registrations fell by 27% in 2025 while the broader BEV market grew 30%, indicating a divergence in performance between the company and the overall segment - sectors impacted include automotive and electric vehicles.
  • January 2026 saw steep monthly declines: France registrations dropped 42% to 661 cars, a low not seen in over three years, and Norway registrations plunged 88% - affecting regional EV demand and market share dynamics.
  • A policy change in Norway tightening VAT exemption rules contributed to a 76% fall in total industry sales in that market in January, illustrating how regulatory shifts can rapidly affect auto sales volumes.

Tesla started 2026 confronted by pronounced sales weakness in important European markets, with registrations plunging in January according to national and industry data.

In France, Tesla recorded just 661 new registrations last month, a decline of 42% compared with the prior reference period. That level is the lowest the company has posted in the market in more than three years, based on figures released by the country's auto association PFA.

The situation was even more acute in Norway, where Tesla registrations tumbled by 88% in January. Norway had been one of the more favourable markets for the automaker during 2025, when Tesla's registrations there rose by 41%, but that momentum did not carry into the new year.

Part of the wider deterioration in Norway's registrations is linked to a government policy change. Tighter rules for value-added tax exemptions were implemented, a development that coincided with a 76% drop in total industry sales in the Norwegian market in January, according to the data reported.

These country-specific declines occur against a broader backdrop for Tesla in Europe. Over the course of 2025, Tesla's sales across the continent fell by 27%. That contraction contrasts with the overall battery-electric vehicle market in Europe, which experienced a 30% increase in registrations during the same period, as reported by the European Automobile Manufacturers' Association.

The figures underscore a divergence between Tesla's recent registration trend and the wider BEV market's growth across Europe. Available data points link the Norway downturn in part to VAT exemption rule changes, while France's January result represents a multi-year low for Tesla in that market.


Analyst note: The information presented is based on registration data and industry reporting for January and full-year 2025 as cited above. Where causes are identified in the source data, such as the VAT exemption adjustment in Norway, they are reported as contributing factors rather than sole explanations.

Risks

  • Regulatory changes - The tightening of VAT exemption rules in Norway is explicitly linked to a sharp reduction in registrations, showing that further policy shifts could continue to depress vehicle sales in affected markets; this primarily impacts the automotive and EV sectors.
  • Market-share erosion - Tesla's 27% drop in European registrations in 2025 versus a 30% rise in the BEV market suggests a risk to Tesla's relative position within the electric vehicle sector across Europe.
  • Data limitations - The available figures focus on registrations in January and full-year 2025; they do not provide a causal breakdown beyond the noted VAT exemption impact in Norway, so attribution of broader trends remains limited to the reported associations.

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