Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) are in focus today after a Reuters report indicated that the company managed to increase its market share in Sweden despite labor challenges affecting its operations in the country.
Additionally, the company witnessed a 9% year-over-year increase in new car registrations in Sweden in December. Reportedly, Tesla now commands a 6.1% market share in Sweden (up from 4.6%). Impressively, the substantial market share gains come even as Tesla dealt with labor action in Sweden, with workers seeking a collective wage agreement and other unions in the country showing solidarity. Moreover, dock workers in Sweden and Denmark ceased unloading and transporting the company’s vehicles intended for shipment to Sweden, as reported by Reuters.
Despite these challenges, the company’s Model Y remained the top-selling car in Sweden in 2023. Meanwhile, Tesla’s Cybertruck might not qualify for tax credits in the U.S. after new battery-sourcing norms in the country kicked in. Tesla’s fourth-quarter results are coming up on January 24. Analysts expect the company to post an EPS of $0.73 on revenue of $25.59 billion for the quarter. In the comparable year-ago quarter, Tesla’s EPS of $1.19 had comfortably outpaced expectations by $0.06.
What is the Forecast for Tesla Stock?
Overall, the Street has a Hold consensus rating on Tesla, and the average TSLA price target of $243.59 implies a potential downside of about 2% in the stock. That’s after a nearly 104% jump in the company’s share price over the past year.
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