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Tesla's California market share tumbles despite aggressive price cuts

Stock Markets
Published Apr 21, 2023 09:41PM ET Updated Apr 22, 2023 10:00AM ET
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© Reuters. FILE PHOTO: A Tesla vehicle drives past Tesla's primary vehicle factory in Fremont, California, U.S. May 11, 2020. REUTERS/Stephen Lam/File Photo
 
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By Hyunjoo Jin

SAN FRANCISCO (Reuters) -Tesla's market share in its key California market tumbled in the first quarter of the year despite aggressive price cuts as rivals stepped up, data showed on Friday.

Tesla (NASDAQ:TSLA) Inc controlled 59.6% of the battery electric market in California from January to March, down from 72.7% for all of 2022 and the lowest since 2017, according to Reuters calculations based on data from the California Energy Commission.

Rivals such as Volkswagen AG (OTC:VWAGY), General Motors Co (NYSE:GM)'s Chevrolet and Kia Corp increased their market shares in California during the period, although they remain in the single digits each.

Tesla's sales in California accounted for 16% of the automaker's global deliveries last year, according to Reuters calculation. California is the biggest U.S. state for zero emission vehicles.

Tesla CEO Elon Musk's pursuit of Twitter and embrace of Republicans has sparked concerns about Tesla's brand, especially in liberal states like California.

Tesla has been slashing prices in the United States since January, cutting prices six times in the key market.

The price cuts, which were also carried out in China, Europe and other countries, hit Tesla's first-quarter margins, pushing its shares down nearly 10% on Thursday.

Musk this week signaled the EV maker would prioritize sales growth ahead of profit in a weak economy.

Tesla's California market share tumbles despite aggressive price cuts
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Comments (7)
Chart Harmonics
Chart Harmonics Apr 22, 2023 5:44PM ET
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Of course it decreased in terms of market share. Kia, GM, Volvo, and the flammable Fords didnt even have their cehicles available. Now rhey do so of course the percentage decreased. The real stat that means something is number of vehicles delivered.
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Geoffrey Stuart
Geoffrey Stuart Apr 22, 2023 5:44PM ET
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100%
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mark johnson
mark johnson Apr 22, 2023 3:58PM ET
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It doesn’t matter what Elon’s political views are. His actions are single-handedly the largest contribution to clean energy of any endeavor I. The 21st century. The politically correct Volkswagen etc took quite awhile to be as green as Tesla was right out of the gate. So who did most for the planet?that’s if you believe that electricity is somehow a better source of energy than oil. —when electricity isn’t a source of energy, it’s a product of energy sources like oil, coal , nuclear and hydro—truly the only viable sources for electricity at this time.
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Brad Albright
Brad Albright Apr 22, 2023 3:58PM ET
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ZZzzzzz. What percentage of US electricity is generated from solar and wind? And oil and coal? Your dogma doesn't conform with reality.
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Mark Jannetty
Mark Jannetty Apr 22, 2023 3:58PM ET
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60% fossil fuel, 18% nuclear and 21% renewable. so I guess 78% would prove mark correct and brad wrong again
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Brad Albright
Brad Albright Apr 22, 2023 3:58PM ET
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Oil and coal?
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Levan Jackson
Levan Jackson Apr 22, 2023 3:58PM ET
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of that 60% fossil fuel, 19% + is coal and 0.6% is oil.
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Francis Lannan
Francis Lannan Apr 22, 2023 12:40PM ET
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I love how these news reporters can't wait to forecast fear and uncertainty of markets falling and how soon they forget that people make money when markets drop just the same as when they prices are rising so they're not scaring anybody.
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Tom Scheuermann
Tom Scheuermann Apr 22, 2023 12:40PM ET
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not really but ok
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Atlantic Coast Money
Atlantic Coast Money Apr 22, 2023 12:40PM ET
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It’s called baiting the bears into the trap.
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Roger Miller
Roger Miller Apr 22, 2023 11:15AM ET
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It was inevitable that the competition would slowly take some market share as their offerings improved. Naysayers should note Tesla still commands a majority of the market, whereas rivals are only in the single digits. Their lead is still leaps and bounds ahead.
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Maurice 2
Maurice 2 Apr 22, 2023 11:15AM ET
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I agree with you’re comment. But i still think that its time for Tesla to be more innovative on the overal design of their Vehicles, both inside an outside of them, to keep up with the competition. Over the last several years , they have only made Software changes etc.
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Aris Deltona
Aris Deltona Apr 22, 2023 10:59AM ET
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Expensive Mediocre cars plus an old line up...
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Tom Scheuermann
Tom Scheuermann Apr 22, 2023 10:59AM ET
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exactly. way overpriced
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Anuwar Muzembil
Anuwar Muzembil Apr 22, 2023 10:18AM ET
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wow
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Jason Moreira
Rolln Apr 21, 2023 11:29PM ET
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Because he’s exposed him self as the type of jerk his customer base hates. Its embarrassing to drive a tesla now
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leehiung chong
leehiung chong Apr 21, 2023 11:29PM ET
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very delusional to attack your customer base basic beliefs and rights and still expecting they will keep buying your goods... there's more competition ev coming to replace Tesla
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Mel Keeler
Mel Keeler Apr 21, 2023 11:29PM ET
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Go pound sand. Whining Liberals. Toddlers in adult bodies.
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James Miles
James Miles Apr 21, 2023 11:29PM ET
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a guy that voted for Biden but noticed the commies went to far when they were using the government and big tech to censor free speech and did something about it.
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Mark Jannetty
Mark Jannetty Apr 21, 2023 11:29PM ET
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for all the whining liberals here, does that mean you are now pro gas ? since Tesla is the only company that has the technology to go green. All others are falling short
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Doug Ricketts
Doug Ricketts Apr 21, 2023 11:29PM ET
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Nutty
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