SAN FRANCISCO, April 21 (Reuters) – Tesla’s market share in its key California market tumbled within the first quarter of the yr regardless of aggressive value cuts as rivals stepped up, information confirmed on Friday.
Tesla Inc (TSLA.O) managed 59.6% of the battery electrical market in California from January to March, down from 72.7% for all of 2022 and the bottom since 2017, in response to Reuters calculations based mostly on information from the California Vitality Fee.
Rivals resembling Volkswagen AG (VOWG_p.DE), Common Motors Co’s (GM.N) Chevrolet and Kia Corp (000270.KS) elevated their market shares in California through the interval, though they continue to be within the single digits every.
Tesla’s gross sales in California accounted for 16% of the automaker’s international deliveries final yr, in response to Reuters calculation. California is the largest U.S. state for zero emission autos.
Tesla CEO Elon Musk’s pursuit of Twitter and embrace of Republicans has sparked considerations about Tesla’s model, particularly in liberal states like California.
Tesla has been slashing costs in america since January, reducing costs six instances in the important thing market.
The value cuts, which had been additionally carried out in China, Europe and different international locations, hit Tesla’s first-quarter margins, pushing its shares down practically 10% on Thursday.
Musk this week signaled the EV maker would prioritize gross sales progress forward of revenue in a weak economic system.
Reporting by Hyunjoo Jin; Modifying by William Mallard
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