Shares in Tesla hovered just above the flat line in pre-market trading after data showed another drop in sales of its electric vehicles across Europe.
Figures from the European carmakers association ACEA showed Tesla registrations fell by 34.2% in the European Union on a year-on-year basis in November, and declined by 11.8% across the broader EU, the UK and the European Free Trade Association area.
The US carmaker sold 12,130 vehicles in the EU last month, down from 18,430 in November 2024, cutting its market share to 1.4% from 2.1%.
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Tesla sales have fallen across Europe because of a consumer backlash linked to Elon Musk’s political activism in the Donald Trump White House before the pair later fell out.
The group is also facing intensifying competition from rivals such as China’s BYD (1211.HK), which has overtaken Tesla in European sales. BYD increased deliveries across the EU, EFTA (Iceland, Liechtenstein, Norway and Switzerland) and the UK by 221%, rising from 6,568 vehicles to 21,133 units.
Shares in Novo Nordisk rose 5% overnight after the Wegovy maker secured approval for its GLP 1 pill, marking a world first.
Approval by the US Food and Drug Administration gives the Danish drugmaker an early advantage over its US rival Eli Lilly (LLY).
Novo Nordisk said the daily pill version of its popular weight-loss drug, with a starting dose of 1.5 milligrams, would be available in pharmacies and through selected telehealth providers in early January.
The FDA approval also allows the pill to be used to reduce the risk of major cardiovascular events including death, heart attack or stroke in adults with obesity and established cardiovascular disease, according to the company.
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The indication mirrors that of Novo Nordisk’s blockbuster weight loss drug Wegovy, which contains the same active ingredient, semaglutide. Both treatments work by mimicking the gut hormone GLP 1 to suppress appetite.
Russ Mould, AJ Bell investment director, said: “The weight-loss drug market started out as a fairly even race between Eli Lilly and Novo Nordisk, but in recent times Lilly has streaked ahead of its Danish counterpart as Novo has been beset by disappointing trial results and operational misfires.
“So news that the US drug regulator has approved a daily pill version of Novo’s Wegovy treatment has given the company a head start in the next big contest of bringing an oral obesity treatment to market.
“This is a significant breakthrough given the reluctance of some people to use the existing injectable option and it could help the company win back market share from Lilly. Novo expects to be ready for a full launch in January.
“It won’t have this market to itself for long, as Eli Lilly’s own pill looks set to receive regulatory approval in the near future after positive results from its latest trial. However, this is a boost for new Novo boss Mike Doustdar as he looks to revive the company’s fortunes.”
Shares in Starfighters Space fell 22% ahead of the US opening bell, retreating after a 370% surge in the previous session following the completion of its initial public offering last week.
The company operates what it says is the world’s only commercial fleet of Lockheed F 104 Starfighter jets adapted for space missions. Founded in 2022 and based in Cape Canaveral, Florida, Starfighters uses the supersonic aircraft to carry and deploy small satellites and payloads. The jets can reach speeds of Mach 2, allowing payloads to be released at higher altitude and velocity.
Starfighters completed its IPO on Wednesday, raising $40m at an offering price of $3.59 per share. The group said the proceeds would be used to advance research and development, expand operations and accelerate the development of its StarLaunch programmes. Shares are now trading at $31.50.
“The completion of Starfighter’s successful IPO, and related fund raise, positions us to unlock significant opportunities ahead as we enter the next stage of our growth,” said Rick Svetkoff, chief executive and founder.
There has been a renewed interest in space stocks after US president Donald Trump signed an executive order setting out plans for a 2028 moon landing and the establishment of a permanent lunar outpost by 2030.
In London, shares in Pets at Home rose almost 2% after the retailer said it had appointed former Waitrose managing director James Bailey as chief executive, ending a three month search for a new leader.
Bailey, who will take up the role on 30 March, succeeds Lyssa McGowan, who resigned abruptly in September following a series of profit warnings and falling sales, bringing her three year tenure to an end.
Ian Burke, the company’s chair, stepped in as interim chief executive after her departure and will return to the role of non-executive chairman when Bailey joins next spring.
Bailey led Waitrose for more than five years before leaving in August, during which time he steered the upmarket grocer through the pandemic and a subsequent surge in food price inflation.
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Before joining Waitrose, he held a range of senior positions during a 20-year career at Sainsbury’s (SBRY.L), including grocery buying director.
The appointment comes as Pets at Home seeks to reverse a downturn in performance after repeated profit warnings. Half-year results published in November showed profits fell by more than a third, with underlying earnings at the retail division dropping 84%, offsetting a more resilient showing at the veterinary business.
Mould said: “The market has given a cautiously positive welcome to the man tasked with putting some pep back into Pets at Home as James Bailey is announced as a permanent replacement for the recently ousted Lyssa McGowan.
“Bailey has decent retail credentials having served as managing director at Waitrose through Covid and relaunching the supermarket’s online platform after it broke ties with Ocado. Prior to that he spent two decades at Sainsbury’s.
“This retail experience is important as it’s the retail arm of Pets at Home which really needs sorting out. The company’s veterinary business continues to perform well – notwithstanding the ongoing probe by the competition authorities into this whole market.
“To what extent this can be fixed is Bailey’s conundrum to solve. With household budgets in the UK still under pressure, people are less likely to splash out on extra treats and toys for their furry and feathered friends and are more likely to focus on the basics.
“Added to this, Pets at Home faces real pressure from the big supermarkets who have the purchasing power to outmatch them on price.”
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