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Tesla third-quarter registrations in California drop 13%: data

Stock Markets Oct 19, 2020 08:10PM ET
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© Reuters. FILE PHOTO: Tesla's primary vehicle factory in Fremont, California, is shown in May 2020

(Reuters) - Tesla (NASDAQ:TSLA) Inc's vehicle registrations in the U.S. state of California dropped 13% in the third quarter compared with last year, according to data from Cross-Sell https://www.cross-sell.com, a research firm that collates title and registration data.

The report released on Monday showed registrations in California, a bellwether for the electric-car maker and its largest U.S. market, recovered from a second-quarter low of roughly 9,800 vehicles to around 16,200 vehicles in the three months ended September. But third-quarter numbers lagged some 13% behind last year's due to a large drop in Model 3 registrations.

California registration for Tesla's Model 3 mass-market sedan, which in the past accounted for more than half of total registrations, fell 60% on a yearly basis to 6,500.

At nearly 7,300, registrations in the state for Tesla's Model Y compact crossover utility vehicle surpassed those for the Model 3.

Earlier this month, Tesla said it delivered 139,300 vehicles in the third quarter, an all-time record, yet shares fell as some analysts doubted if the world's most valuable carmaker could hit its ambitious year-end target of half a million deliveries.

Total third-quarter vehicle registrations in the 23 states where data was collected and which Cross-Sell said account for 65% of the U.S. market, remained roughly equal to last year at around 32,800 vehicles.

Registration figures might not accurately reflect the number of vehicle deliveries during the quarter as registrations in the United States typically take about 30 days from the time of sale.

Tesla, whose shares have surged more than five-fold this year, is expected to report third-quarter results after market close on Wednesday.

Tesla third-quarter registrations in California drop 13%: data
 

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Comments (9)
Mike RICHARD
Mike RICHARD Oct 21, 2020 2:25PM ET
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Free news
TL Chan
TL Chan Oct 20, 2020 2:52AM ET
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Blame all this mess to Cathie Wood who super pump the price target, on a short period of time all the way up up to the moon , and she know it well the story won't last long, so she squeeze the pump in short time!
Gershom Zvi
Gershom Zvi Oct 19, 2020 11:37PM ET
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Registration figures might not accurately reflect the number of vehicle deliveries during the quarter as registrations in the United States typically take about 30 days from the time of sale.
Gershom Zvi
Gershom Zvi Oct 19, 2020 11:37PM ET
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How about New York state I guess it is opposite
Major Woody
Major Woody Oct 19, 2020 10:45PM ET
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Let's see.. Sales slipping globally. Forced to ship overstock from Shanghai to Europe. Warranty periods cut/discontinued abruptly. PR department canceled. Company not responding to reporters. Water supply to German factory site cut due to unpaid bills. Company missing mile stone after next. Competitors flooding the EV market and showing strong sales. Stock trading at 1100+ forward multiples. Guidelines driven by random tweets from suspicious CEO and fanboy blogs... This is gonna end well :)
Kaveh Sun
Kaveh Sun Oct 19, 2020 10:31PM ET
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The tax incentive got cut the last 2 years. They used to get car pool sticker n 15k then 8k tax refund. Lots of buyers in CA bought it just for the car pool sticker.
Oct 19, 2020 8:39PM ET
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It is only about california.they will look on total numbers of delivery
Jesse Mulliniks
Jesse Mulliniks Oct 19, 2020 8:26PM ET
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Reality is setting in. We have reached the end of the debt cycle.
David Pearlstone
David Pearlstone Oct 19, 2020 8:18PM ET
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Cause everyone moved to texas
 
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