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

In this news, we discuss the Tesla third-quarter registrations in California drop 13%: data.

(Reuters) – Tesla Inc’s vehicle registrations in the U.S. state of California fell 13% in the third quarter from a year ago, according to data from Cross-Sell www.cross-sell.com, a research company that collects title and registration data.

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

The California registration of Tesla’s mass-market Model 3 sedan, which in the past accounted for more than half of total registrations, has fallen 60% on an annual basis to 6,500.

At nearly 7,300, state registrations for Tesla’s Model Y compact crossover utility vehicle have exceeded those of the Model 3.

Earlier this month, Tesla said it delivered 139,300 vehicles in the third quarter, an all-time record, but shares fell as some analysts doubted the world’s most valuable automaker could meet its ambitious goal of end of the year of half a million deliveries.

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

Registration numbers may not accurately reflect the number of vehicle deliveries during the quarter, as registrations in the United States typically take around 30 days from the date of sale.

Tesla, whose shares have more than quintupled this year, is expected to release its third-quarter results after market closes on Wednesday.

Reporting by Akanksha Rana and Ayanti Bera in Bengaluru and Tina Bellon in New York; Edited by Matthew Lewis

Original © Thomson Reuters Corporation

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