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TESLA'S CALIFORNIA CAR REGISTRATIONS FALL FOR THIRD STRAIGHT QUARTER

By Akash Sriram and Hyunjoo Jin
July 18, 202411:27 PM GMT+2Updated 5 days ago
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A Tesla logo is pictured on a car in the rain in the Manhattan borough of New
York City, New York, U.S., May 5, 2021. REUTERS/Carlo Allegri/File Photo
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July 18 (Reuters) - Registrations of Tesla (TSLA.O), opens new tab cars in
California fell 24% in the April to June period, marking the third consecutive
quarter that the company posted a sales drop in its key market, indicating
mounting challenges for the EV maker, according to industry data on Thursday.
High interest rates and stiff competition have softened demand for electric
vehicles as consumers opt for less-expensive hybrid cars.
Advertisement · Scroll to continue

Potential Tesla customers in the United States have been shying away from buying
its electric cars, partly due to CEO Elon Musk's polarizing persona.
Musk's embrace of Republicans and outspoken comments have sparked concerns about
Tesla's brand, especially in liberal states such as California, which accounts
for 10% of the company's global deliveries.
The world's richest man publicly endorsed former President Donald Trump for the
first time in the U.S. presidential race after the assassination attempt on the
Republican candidate on Saturday.
Advertisement · Scroll to continue

Tesla's California registrations fell to 52,211 vehicles in the second quarter,
according to a report by the California New Car Dealers Association.
The battery electric vehicle market slipped only 1.3% during the period. In
contrast, sales of hybrid vehicles surged 22% in California.
"Tesla's allure seems to be wearing off, signaling potential trouble for the
direct-to-consumer manufacturer," the report said.

From January to June, Tesla saw its registrations in California slump 17%, even
as distant rivals such as Hyundai Motor (005380.KS), opens new tab, Kia Motors
(000270.KS), opens new tab, BMW (BMWG.DE), opens new tab, Mercedes-Benz
(MBGn.DE), opens new tab, Ford (F.N), opens new tab, and Rivian (RIVN.O), opens
new tab increased sales by double-digit percentage points.
The electric-vehicle maker's Model Y crossover continues to be the best-selling
model in the state, but its market share in the first half of the year fell to
53.4%, from 64.6% in the year-ago period.

In 2021, Tesla moved its headquarters from California to Texas, and Musk said
this week his other companies such as Space X and X will follow suit over his
disagreement with Governor Gavin Newsom's approval of a bill on transgender
kids.

Reuters Graphics
Tesla, which is set to report quarterly results on Tuesday, handed over more
vehicles to customers in the second quarter than analysts had expected, although
deliveries were lower than a year ago.

Stay up to date with the latest news, trends and innovations that are driving
the global automotive industry with the Reuters Auto File newsletter. Sign up
here.

Reporting by Akash Sriram in Bengaluru and Hyunjoo Jin in San Francisco; Editing
by Shounak Dasgupta, Vijay Kishore and Rod Nickel

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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Akash Sriram

Thomson Reuters

Akash reports on technology companies in the United States, electric vehicle
companies, and the space industry. His reporting usually appears in the Autos &
Transportation and Technology sections. He has a postgraduate degree in
Conflict, Development, and Security from the University of Leeds. Akash's
interests include music, football (soccer), and Formula 1.

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