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Tesla's Higher-End Sales Erode in Key Market Amid Model 3 Gains
BUSINESS | AUTOS & TRANSPORTATION | AUTOS INDUSTRY
Tesla’s Higher-End Sales Erode in Key Market Amid Model 3 Gains
A 54% decline in California registrations of Model S adds pressure on the auto maker to boost sales of its lower-priced compact car
By Tim Higgins
https://twitter.com/timkhiggins
TIM.HIGGINS@WSJ.COM
Updated July 23, 2019 5:28 pm ET
Sales of Tesla Inc. TSLA’s high-end Model S sedan have taken a big hit in the company’s most important U.S. market, California, as the electric auto maker is leaning more heavily on selling the lower-priced Model 3 compact car, new data show. ... Falling sales of the Model S—and its sister sport-utility vehicle Model X—threaten Tesla’s growth goals and profit ambitions as it must rely more on its cheaper Model 3 to make up the difference.
Registrations of new Model S sedans in the second quarter plummeted 54% to 1,205 in California, according to the Dominion Cross-Sell report, which compiles data from state motor-vehicle records. The Golden State is a strong indicator of demand as Tesla’s largest U.S. market, representing 40% of Model S registrations in the country last year, according to auto-sales tracker Edmunds.com Inc.
The new data from research firm Dominion Enterprises indicates the stylish sedan that arguably changed car buyers’ view of electric cars is losing its luster. Tesla is increasingly dependent on sales of the smaller Model 3, which starts at about $35,000, less than half the price of the most basic Model S. ... Registrations of Tesla’s expensive Model X sport-utility vehicle also fell by about 40% in California during the quarter. Model 3 registrations, by contrast, nearly doubled in the state to 16,372. Registrations, which tend to lag sales by weeks, provide insight into where deliveries take place.
On Wednesday, Tesla is scheduled to report second-quarter results that could shed light into the erosion of high-end automotive sales and how it is affecting sales and profits. Tesla doesn’t break out its sales by state. ... Tesla shares closed Tuesday at $260.17, up 1.8%. Shares are down 14% over the past year but up 45% from their low in June.
....
Write to Tim Higgins at Tim.Higgins@WSJ.com
Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved.
Appeared in the July 24, 2019, print edition as 'Tesla’s Sales of Higher-End Cars Erode in CaliforniaKey Market.'
Tesla’s Higher-End Sales Erode in Key Market Amid Model 3 Gains
A 54% decline in California registrations of Model S adds pressure on the auto maker to boost sales of its lower-priced compact car
By Tim Higgins
https://twitter.com/timkhiggins
TIM.HIGGINS@WSJ.COM
Updated July 23, 2019 5:28 pm ET
Sales of Tesla Inc. TSLA’s high-end Model S sedan have taken a big hit in the company’s most important U.S. market, California, as the electric auto maker is leaning more heavily on selling the lower-priced Model 3 compact car, new data show. ... Falling sales of the Model S—and its sister sport-utility vehicle Model X—threaten Tesla’s growth goals and profit ambitions as it must rely more on its cheaper Model 3 to make up the difference.
Registrations of new Model S sedans in the second quarter plummeted 54% to 1,205 in California, according to the Dominion Cross-Sell report, which compiles data from state motor-vehicle records. The Golden State is a strong indicator of demand as Tesla’s largest U.S. market, representing 40% of Model S registrations in the country last year, according to auto-sales tracker Edmunds.com Inc.
The new data from research firm Dominion Enterprises indicates the stylish sedan that arguably changed car buyers’ view of electric cars is losing its luster. Tesla is increasingly dependent on sales of the smaller Model 3, which starts at about $35,000, less than half the price of the most basic Model S. ... Registrations of Tesla’s expensive Model X sport-utility vehicle also fell by about 40% in California during the quarter. Model 3 registrations, by contrast, nearly doubled in the state to 16,372. Registrations, which tend to lag sales by weeks, provide insight into where deliveries take place.
On Wednesday, Tesla is scheduled to report second-quarter results that could shed light into the erosion of high-end automotive sales and how it is affecting sales and profits. Tesla doesn’t break out its sales by state. ... Tesla shares closed Tuesday at $260.17, up 1.8%. Shares are down 14% over the past year but up 45% from their low in June.
....
Write to Tim Higgins at Tim.Higgins@WSJ.com
Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved.
Appeared in the July 24, 2019, print edition as 'Tesla’s Sales of Higher-End Cars Erode in CaliforniaKey Market.'
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