Tesla Stock Steady as July Registrations Split Europe in Half

• TSLA +0.54%

This article first appeared on GuruFocus.

Tesla's (NASDAQ:TSLA) July registration data across Europe came in uneven. Registrations, a proxy for sales, climbed 86% in France and 52% in Denmark from a year earlier, according to French car body PFA and Denmark's bilstatistik.dk. They fell 97% in Norway and 60% in Sweden, per compilers OFV and Mobility Sweden. Tesla shares are up 0.84% premarket.

Spain sat with the decliners. Tesla registered 131 vehicles there in July, down 81.3%, according to industry group ANFAC. Year to date the picture reverses, with Spanish sales up 19.8% through July, though Spain's electrified vehicle market grew 34.9% over the same seven months.

Tesla's European sales have rebounded this year after two straight annual declines, helped by easier year-ago comparisons, higher fuel prices, government incentives and growing consumer interest in electric vehicles. Battery-electric registrations across Europe rose 51% in June, according to the European Automobile Manufacturers' Association. Tesla reported record second-quarter deliveries last month, beating estimates on the back of that European recovery.