BusinessPostCorner.com
No Result
View All Result
Sunday, June 1, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Elon Musk publicly dumped California for Texas—now Golden State customers are getting revenge, dumping Tesla in droves

April 29, 2024
in Business
Reading Time: 3 mins read
A A
0
Elon Musk publicly dumped California for Texas—now Golden State customers are getting revenge, dumping Tesla in droves
ShareShareShareShareShare

In California, where there are Teslas as far as the eye can see and rapid charging stations aplenty, new drivers are opting out of the $605 billion Elon Musk–led car universe.

Among the top three passenger cars sold in California in the first quarter this year, Elon Musk’s Tesla Model 3 dropped from first place to third, behind the Toyota Camry and the Honda Civic, according to the California New Car Dealers Association’s first quarter auto outlook on Monday. Toyota was the top brand in California this quarter, notching a 9.3% increase in registrations, followed by Honda, which marked an 18.6% rise so far this year. Tesla registrations have dropped in California year to date, with a 7.8% drop in the first quarter, following a 9.8% drop in the last quarter of 2023.

California makes up 32.5% of registrations of battery electric vehicles in the U.S., and the sluggish popularity of Tesla among new-car registrants comes at a particularly vulnerable time for Tesla as a company and for its CEO. Musk is facing significant pressure from investors who want to see him adopt the norms of a more traditional CEO, step back from his grandiose social media presence, and provide a more concrete timeline for producing an affordably priced Tesla. The company reported last week that revenues dropped 9%, which was its largest drop since 2012, while net income dropped a whopping 55% in the first quarter. Three of its top executives, including well-known insider Drew Baglino, resigned in the space of two weeks, which further rattled investors. 

“Californians’ love affair with electric vehicle giant Tesla may have peaked,” the CNCDA said in a statement Monday. The group tracks trends in California’s new-vehicle market, using data from Experian Automotive. The CNCDA represents California-based franchised new car and truck dealers.

“The numbers don’t lie,” said Brian Maas, president of the CNCDA. “They indicate that the incredible growth that Tesla had for years has now stopped or certainly slowed in the most recent report.”

The market share for battery electric vehicles fell from 21.5% in 2023, to 20.9% in the first quarter, the group found. The slowdown in sales is hard to parse, said Maas, but it could be due to the price of Teslas relative to other vehicles, issues with charging infrastructure, or that buyers who wanted to own a Tesla have already purchased the car. 

“Appealing to the mass market is a challenge Tesla faces,” said Maas. “Other dealers have a broader array of very competitive vehicles, so Tesla doesn’t have the EV space largely to their own like they did a few years ago.”

Another factor that could be contributing to the slowdown in Tesla sales is Musk himself. According to Reuters, market-intelligence firm Caliber found consumer interest in Tesla had declined from 70% in November 2021 to just 31% in February 2024, due in part to Musk’s apparent acceptance of right-wing conspiracy theories and other polarizing political views. In California, where 47% of registered voters are Democrats compared to 24% who are Republicans, Musk’s antics may be particularly unappealing.  

To be sure, this is only an early indicator that Tesla’s popularity is on the decline. Tesla is still the top seller of electric vehicles in California with the Model Y, Model 3, and Model X ahead of the Chevy Bolt and the Volkswagen ID.4, but first-quarter battery electric vehicle market share dropped 6.4%. Mercedes and BMW had the largest gains of sales among battery electric vehicles in the first quarter, with Mercedes rising 3% and BMW 2.4%.

Subscribe to the Eye on AI newsletter to stay abreast of how AI is shaping the future of business. Sign up for free.

Credit: Source link

ShareTweetSendPinShare
Previous Post

IRS issues guidance for new round of advanced energy project credits

Next Post

IFRS Foundation’s revenue and expenses increase 41%

Next Post
IFRS Foundation’s revenue and expenses increase 41%

IFRS Foundation's revenue and expenses increase 41%

Why night owls see faster rates of cognitive decline, according to new study

Why night owls see faster rates of cognitive decline, according to new study

May 30, 2025
EU urges Trump to return to 90-day trade negotiation period

EU urges Trump to return to 90-day trade negotiation period

May 25, 2025
Sharplink Deal: Consensys Fuels 5M PIPE, Shares Rocket 468% on ETH Bet

Sharplink Deal: Consensys Fuels $425M PIPE, Shares Rocket 468% on ETH Bet

May 27, 2025
German industrial titan, Thyssenkrupp, prepares for a major shake-up—raising concerns over job cuts and a looming break-up

German industrial titan, Thyssenkrupp, prepares for a major shake-up—raising concerns over job cuts and a looming break-up

May 27, 2025
NetEase shares near record high as China’s Gen Z embraces games

NetEase shares near record high as China’s Gen Z embraces games

May 30, 2025
Brazil sues China carmaker BYD over ‘slave-like’ conditions

Brazil sues China carmaker BYD over ‘slave-like’ conditions

May 28, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

IMF Warns Against Pakistan’s Power Push for Bitcoin Mining, AI Data Centers

IMF Warns Against Pakistan’s Power Push for Bitcoin Mining, AI Data Centers

June 1, 2025
US Steel workers see hope of job security in deal with Japan’s Nippon

US Steel workers see hope of job security in deal with Japan’s Nippon

June 1, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!