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Tesla's California registrations down second quarter in a row, dealer data shows

Published 2024/04/29, 21:03
Updated 2024/04/29, 21:12
© Reuters. A logo is pictured on an electric car at the Tesla Inc. vehicle facility in Costa Mesa, California, U.S., November 1, 2023.     REUTERS/Mike Blake/File Photo

(Reuters) - Registrations of Tesla (NASDAQ:TSLA) vehicles in California fell about 8% in the first quarter of 2024 for the second consecutive three-month period, according to data from the California New Car Dealers Association.

The data showed about 50,000 new Tesla vehicles were registered in the state, one of the most important markets for the Elon Musk-led EV maker, in the quarter ended March 31.

Globally, Tesla's quarterly deliveries fell for the first time in nearly four years as price cuts and incentives proved insufficient in drumming up demand.

Still, the company's Model Y crossover was the best selling new vehicle in California, the report said. It added that the Model 3 compact sedan and Model X premium SUV were among the top three best-selling battery electric and plug-in hybrid vehicles.

The overall market share for battery EVs in the state also fell, to 20.9% from 21.2%, as consumers gravitate to less expensive and longer-range gasoline-hybrid electric vehicles.

© Reuters. A logo is pictured on an electric car at the Tesla Inc. vehicle facility in Costa Mesa, California, U.S., November 1, 2023.     REUTERS/Mike Blake/File Photo

Tesla bucked the market, which rose 3% as rivals like Mercedes, BMW (ETR:BMWG), Audi and Rivian (NASDAQ:RIVN) recorded sharp upticks in EV sales during the period.

Tesla's share of the battery electric market in California fell to 55.4% from 61.8% a year earlier, losing ground to the German luxury carmaker trio, Rivian and Hyundai, among others.

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