Tesla Model Y Registrations Double In US, Driving EV Market Growth
Portfolio Pulse from Benzinga EV Insights
Tesla Inc's Model Y has seen a significant surge in registrations in the US, with twice as many SUVs registered in the first five months of 2023 compared to the same period last year. This has contributed to the growth of the EV market, with EVs accounting for 7% of new car registrations, up from 4.6% the previous year. The average price of EVs has dropped 20% within a year, aligning with Tesla's strategy to increase the number of vehicles on the road.
July 12, 2023 | 10:10 pm
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POSITIVE IMPACT
The surge in Tesla's Model Y registrations and the growth of the EV market could positively impact Tesla's stock. However, the company's strategy to lower prices and increase the number of vehicles on the road could affect profitability.
The news directly pertains to Tesla's Model Y and its impact on the EV market. The increase in registrations indicates a growing demand for Tesla's vehicles, which could drive up the company's stock. However, Tesla's strategy to lower prices to increase the number of vehicles on the road, while potentially boosting sales, could affect the company's profitability and thus its stock.
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IMPORTANCE 80
RELEVANCE 100