On Saturday, data indicated that Tesla’s market share in California dropped in the first quarter despite significant price cuts as rivals stepped up.
According to Reuters calculations based on California Energy Commission data, Tesla Inc (TSLA.O) owned 59.6% of the battery electric market in California from January to March, down from 72.7% in 2022 and the lowest since 2017.
Competitors like Volkswagen AG (VOWG_p.DE), General Motors Co.’s (GM.N) Chevrolet, and Kia Corp (000270. KS) boosted their market shares in California, but they remain in the single digits.
According to Reuters, 16% of Tesla’s global deliveries last year were in California. Zero-emission automobiles dominate California.
Elon Musk’s pursuit of Twitter and Republicanism has raised brand problems, especially in liberal places like California.
Tesla has dropped US prices six times since January.
Tesla’s shares fell over 10% on Thursday after price cutbacks in China, Europe, and other regions hurt its first-quarter margins.
Musk said this week the EV producer would prioritize sales growth over profit in a difficult economy.
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