BMWYY - Tesla Sees 24% Drop In California Registrations As EV Competition Heats Up | Benzinga
Tesla Inc. (NASDAQ:TSLA) experienced a 24% drop in car registrations in California during the second quarter, according to data from the California New Car Dealers Association. This marked the third consecutive quarter of declining sales in this critical market.
Tesla's registrations in California fell to 52,211 vehicles in the second quarter, while the battery electric vehicle market only declined by 1.3% during this period, hybrid vehicle sales surged by 22% in California.
The Model Y crossover remains Tesla's top-selling model in California, although its market share dropped to 53.4% in the first half of the year, down from 64.6% in the same period last year.
High interest rates and increased competition have led to a decline in demand for electric vehicles as consumers turn towards more affordable hybrid options.
Reuters reported that Potential Tesla buyers in ...