The World Economic Forum 2023 — a gathering of world leaders, top business executives and civil society, got underway in Davos, Switzerland on Monday.
What Happened: A piece of news out of Davos, an Alpine resort town, left Tesla, Inc. TSLA CEO Elon Musk bewildered.
A YouTube video shared by independent Japanese journalist Masako Ganaha showed that one of the drivers she interviewed said they were not allowed to use electric vehicles for driving VIPs who have arrived at the venue for the event.
The video shared on Twitter caught Musk’s attention. “This is ironic indeed,” he commented. More so, because the Tesla Model Y is the best-selling car in Switzerland, he said, ending the tweet with two “rolling on the floor, laughing" emojis.
See also: Best Electric Vehicles
To substantiate his claim, he also shared a media report about the Tesla Model Y being the top-selling automobile in Switzerland, a country going by the moniker “The Playground of Europe.” The statistics shared pertained to the 2022 January-September period.
Volkswagen AG VWAGY unit Skoda’s Octavia sedan, an ICE vehicle, took the second spot and was closely followed by Tesla’s Model 3.
Why It's Important: Sales statistics from different parts of the world have shown Tesla making strides in several international markets. That said, Tesla is facing a demand slowdown as potential customers gravitate toward cheaper EV alternatives from rival manufacturers. To retain these defecting customers and bring in new ones, the company has significantly lowered vehicle prices in multiple countries.
Price Action: Tesla shares traded 6.1% higher at $129.88 at the time of writing on Monday, according to Benzinga Pro data.
Photo: Courtesy of JD Lasica via Wikimedia
Read next: Tesla Model Y Wait Times In China Skyrocket After Price Cuts
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
