The data, released on Friday, showed that despite Tesla Inc’s aggressive price cuts, its market share in its key California market tumbled in the first quarter of the year, with its control of the battery electric market dropping from 72.7 per cent to 59.6 per cent year-on-year, the lowest since 2017.
The California Energy Commission provided the data, and Reuters calculated the figures.
During the same period, rivals including Volkswagen AG, General Motors Co’s Chevrolet, and Kia Corp, saw an increase in their market shares in California. However, their shares remain in the single digits each.
Tesla’s sales in California accounted for 16 per cent of the automaker’s global deliveries last year, according to Reuters calculation. California is the biggest U.S. state for zero emission vehicles.
Tesla CEO Elon Musk’s pursuit of Twitter and embrace of Republicans has sparked concerns about Tesla’s brand, especially in liberal states like California.
Globally, Tesla posted record quarterly vehicle deliveries for the quarter, but quarter-on-quarter sales growth was modest despite price cuts as rising competition, especially in China, and a bleak economic outlook weighed.
The price cuts hit Tesla’s first-quarter margins, pushing its shares down nearly 10 per cent on Thursday.
Tesla’s sales in California accounted for 16 per cent of the automaker’s global deliveries last year, according to Reuters calculation. California is the biggest U.S. state for zero emission vehicles.
Tesla CEO Elon Musk’s pursuit of Twitter and embrace of Republicans has sparked concerns about Tesla’s brand, especially in liberal states like California.
Globally, Tesla posted record quarterly vehicle deliveries for the quarter, but quarter-on-quarter sales growth was modest despite price cuts as rising competition, especially in China, and a bleak economic outlook weighed.
The price cuts hit Tesla’s first-quarter margins, pushing its shares down nearly 10 per cent on Thursday.
