California's New Light Vehicle Registrations Down 0.7% YTD, Totaling 892,363; State On Track For 1.8M Registrations By Year-End Despite Higher Interest Rates And Inflation; Tesla Sales Decline 17% YTD With Third Consecutive Quarter Of Registration Drops; Toyota, Hyundai, And Ford See Significant Gains With New EV Models; Toyota BEV Registrations Up 108.1%, Hyundai BEV Up 65.7%, And Ford BEV Up 26.4%; Hyundai Ioniq 5 And Ford Mustang Mach-E Among Top-Selling EVs YTD
Portfolio Pulse from Benzinga Newsdesk
California's new light vehicle registrations are down 0.7% YTD, totaling 892,363, but the state is on track for 1.8M registrations by year-end despite higher interest rates and inflation. Tesla sales have declined 17% YTD with three consecutive quarters of registration drops. In contrast, Toyota, Hyundai, and Ford have seen significant gains with new EV models. Toyota BEV registrations are up 108.1%, Hyundai BEV up 65.7%, and Ford BEV up 26.4%. The Hyundai Ioniq 5 and Ford Mustang Mach-E are among the top-selling EVs YTD.
July 18, 2024 | 5:10 pm
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NEGATIVE IMPACT
Tesla sales have declined 17% YTD with three consecutive quarters of registration drops in California.
The decline in Tesla sales and consecutive quarters of registration drops indicate a negative trend for the company, likely impacting its stock price negatively in the short term.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Ford BEV registrations in California are up 26.4% YTD, with the Ford Mustang Mach-E among the top-selling EVs.
The increase in Ford BEV registrations and the popularity of the Mustang Mach-E suggest positive momentum for Ford in the EV market, likely benefiting its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Hyundai BEV registrations in California are up 65.7% YTD, with the Hyundai Ioniq 5 among the top-selling EVs.
The substantial increase in Hyundai BEV registrations and the success of the Ioniq 5 indicate strong performance in the EV market, likely positively impacting its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Toyota BEV registrations in California are up 108.1% YTD, showing significant growth in the EV market.
The significant increase in Toyota BEV registrations indicates strong performance in the EV market, likely positively impacting its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 80