California Love Fadin' For Tesla? EV Giant's Registrations Plummet As Rivian, Mercedes And BMW Gain Ground
Portfolio Pulse from Anan Ashraf
Tesla Inc's (NASDAQ:TSLA) vehicle registrations in California dropped 8% in Q1, marking a second consecutive quarterly decline. Despite this, Tesla's Model Y remains the best-selling EV in the state. Overall, BEV registrations in California increased by 2.8%, with luxury brands and Rivian Automotive seeing gains. Tesla's market share within the BEV segment decreased to 55.4% from 61.8%. Globally, Tesla's deliveries fell 8.5% year-on-year in Q1, the first quarterly drop in about four years. CEO Elon Musk anticipates higher sales for the year compared to 2023.
April 30, 2024 | 12:03 pm
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Tesla Inc's vehicle registrations in California fell 8% in Q1, with a global sales drop of 8.5% year-on-year. Despite this, Tesla's Model Y is still the top-selling EV in the state.
The decline in Tesla's vehicle registrations in California and the drop in global sales could negatively impact investor sentiment in the short term, leading to potential downward pressure on TSLA's stock price. However, the continued popularity of the Model Y as the best-selling EV in California mitigates the impact slightly.
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IMPORTANCE 90
RELEVANCE 100