Tesla’s California Registrations Hike 63% for Q4

Tesla continues to soar into power in its home country after vehicle registrations in California surged by 63% during the fourth quarter.

In the data released by Cross-Sell, a research venture which consolidates title and registration data, the Model Y units are the biggest pullers during the period.

Earlier in the month, the EV maker reported another forecast surpassing data on its 2020 vehicle deliveries.

However, it missed its ambitious full-year goal of half-million deliveries during the year, undermined by successive roadblocks in the supply chain.

Nevertheless, it is one of the leading performers during the volatile year, sealing its top spot as the prime catalyst in the green-energy industry.

The pandemic gave a much-needed focus on sustainable energy, igniting consumer preference’s shift towards electric vehicles.

This led to successive record-high quarterly earnings which later put Tesla Inc in the top tier of the S&P 500.

In the details stipulated in the data released on Wednesday, the firm recovered from the slump during the third quarter. 

California registrations steadied at 22,117 units in the three months through December from the previous period’s 16,200 units.

For the record, the US state is the leading indicator of trends for the Elon Musk-owned firm and its largest market in the United States.

Surprisingly, the ubiquitous Model Y unit surpassed the previous leader, the Model 3, after garnering 11,417 in the state alone.

In a brief context, the number of registrations for the latter fell by 34% year on year to only 7,044.

Accounting for the entire 23 states included in the data collection amounting to roughly 45,000 units, the Model Y accounted for nearly 50% of the total registrations. 

Thrust in New Markets Failing to Keep Up

Tesla soared to greater heights during the tumultuous year where shares are up by 700% in 2020.

With this, the firm sought to penetrate new markets including in China and the recently announced Indian venture.

However, Tesla is currently experiencing a detour from its usual smooth path as its new ventures face hurdles that are higher than expected.

Amid the growing competition in China with local EV makers, one of the Model 3 units reportedly exploded in the Shanghai parking garage earlier today.

In October last year, the company recalled about 50,000 units of its Model X and Model S units amid faulty front and rear suspension speculations.

Consequently, India is appearing to be tougher ice to break. 

Despite having an impressive rise in middle-class income earners, there is still a long road ahead for consumers to shift towards electric vehicles.