Tesla tumbles on big drop in Norway sales

|About: Tesla Motors (TSLA)|By:, SA News Editor

Tesla (TSLA) fell 4.3% today on news it sold fewer cars last month in Norway, one of its top markets in Europe; with the U.S. flat and Europe flat to down in deliveries, TSLA may be running out of new countries to meet expectations.

TSLA sold 536 Model S electric cars in Norway in June, a steep drop from 1,493 sold there in March, which was an all-time single market sales record in the country.

Some investors also pointed to worries brought on by LG Chem's apparent deal to build a battery plant in China to supply automakers such as state-owned SAIC Motor and GM.

Also, the Pennsylvania House of Representatives passes legislation to cap at five the number of TSLA retail stores in the state, a compromise that allows the electric car seller to avoid a battle with dealer groups; Ohio and New York have adopted similar legislation, and a similar bill is pending in New Jersey.