Tesla Shares Rise 3.2% as October Registrations Jump in Europe

Tesla shares rose about 3.2% in U.S. trading on Monday as October vehicle registrations showed a recovery in Sweden and Norway. A separate report said Tesla and SpaceX could expand cooperation with Taiwan Semiconductor Manufacturing Company (TSMC) on the proposed Terafab chip project.

Tesla (NASDAQ: TSLA) closed Friday, October 30, at $399.81, down 0.87%. The shares advanced alongside broader gains in consumer-discretionary stocks, including Amazon, making it difficult to determine how much of the move reflected European registrations or the semiconductor report, according to an intraday MarketWatch report.

Reuters reported on November 2 that Tesla registrations rose 248% year over year in Sweden, 131% in Norway and 34% in Denmark. The figures came from Mobility Sweden, Norway's Road Traffic Information Council (OFV) and Danish vehicle data provider bilstatistik.dk. The October results offer the first substantial evidence of Tesla's performance in Northern Europe for the month. Chinese manufacturers continued to expand their market presence.

Norway registrations reach an October record

OFV reported 1,548 new Tesla passenger cars in Norway in October, up 130.7% from a year earlier. Tesla took 9.8% of the new-car market, ahead of Toyota with 1,493 registrations and Volkswagen with 1,308.

OFV called it Tesla's best October on record, above the previous October high of 1,348 vehicles in 2024. The Model Y accounted for 1,429 registrations and was Norway's most registered individual vehicle model that month.

Deliveries were concentrated at the end of October. Tesla registered 125 vehicles in the first 18 days, then 1,074 from October 26 to 31. Almost 70% of the monthly total came in those final six days.

Registrations count vehicles entering the road fleet, rather than orders placed in the same month. A late-month delivery push can therefore lift the monthly total without showing that underlying customer demand rose at the same rate.

Norway's total new passenger-car registrations reached 15,725, up 41.2% year over year and the highest October volume in more than three decades, OFV said. Battery-electric vehicles made up 98.8% of the total.

Tesla's year-to-date registrations in Norway were 21,523 in the first ten months of 2026, down 3.9% from the same period in 2025. It remained the country's largest brand for the year, with a 16.4% market share, but the October increase had not reversed the cumulative decline.

Results vary across Northern Europe

In Sweden, Tesla registrations rose 248% from October 2025. Reuters attributed the wider regional recovery partly to easier comparisons with last year's weak results, higher fuel prices, government incentives and continued demand for electric vehicles.

In Denmark, registrations rose 34%, but Tesla's market share was 0.73%, Reuters reported. BYD, Leapmotor, Xpeng and SAIC-owned MG each had market shares ranging from 1.6% to 5.5%, ahead of Tesla.

Chinese brands also gained ground in Norway. OFV said they accounted for a record 22.5% of new passenger-car registrations in October, nearly doubling their volume from the previous year. Xpeng registered 932 vehicles and BYD 816.

Tesla remains reliant on the Model Y and Model 3 as competitors offer a wider range of electric vehicles across different prices and categories. FinanceFeeds previously reported that Tesla delivered 486,532 vehicles in the third quarter, above the company-compiled consensus of 461,974. October's regional registrations do not establish the company's global fourth-quarter delivery trajectory.

DigiTimes reports renewed Terafab talks

DigiTimes reported on November 1 that Elon Musk had softened his position on working with TSMC and was preparing to reopen negotiations on Terafab, a proposed semiconductor manufacturing project involving Tesla and SpaceX.

Supply-chain sources cited by the Taiwanese publication said discussions could give TSMC primary responsibility for building and operating the proposed facilities. The companies would still need to settle ownership, investment commitments and how they would divide financial responsibilities.

DigiTimes' account describes a possible change to the project's structure, not a confirmed agreement. Tesla, SpaceX and TSMC have not publicly confirmed the specific changes. Musk confirmed early-stage talks in October, and TSMC Chief Executive C.C. Wei told analysts on October 15 that the company was examining potential manufacturing capacity in Texas, including possible cooperation with Terafab.

Wei said the discussions had not led to a final decision and indicated that any facility operated by TSMC would need to remain under the chipmaker's operational control. His remarks confirm that talks were underway before the latest DigiTimes report, but do not confirm that Musk has accepted a larger role for TSMC. FinanceFeeds reported on October 5 that Musk had acknowledged the discussions without disclosing a manufacturing agreement, capital commitments or a production timetable.

A Terafab project would involve different financial risks from Tesla's automotive business. An advanced semiconductor facility requires substantial investment, specialist manufacturing expertise and reliable demand for its chips. TSMC's participation could reduce some operational challenges, while the financial impact would depend on the eventual ownership and purchasing arrangements.

FinanceFeeds also reported that Tesla had 1.74 million active Full Self-Driving subscriptions in its third-quarter update and that free cash flow fell 62% year over year to $1.53 billion. The company's valuation is also tied to autonomous driving, software revenue and capital-intensive growth projects.

October registration figures for Germany and the United Kingdom were expected later that week. The data would provide further evidence of whether the Northern European recovery extended to those markets and how Chinese competition affected Tesla's position across the region.

For Terafab, investors would need a confirmed agreement setting out which company would build and operate the facilities, each participant's capital commitments, and the production obligations Tesla and SpaceX would take on.