Tesla Inc’s (NASDAQ: TSLA) Vehicle registrations in California rose 63% on a year-on-year basis in the fourth quarter, mainly due to the carmaker’s mid-size sports utility vehicle, according to Cross-Sell data, Reuters reported Wednesday.
What happened: Tesla registrations in California – the largest market in the United States – picked up steam when 22,117 vehicles were registered in the three months ended December compared to 16,200 vehicles in the third quarter, according to Reuters.
The Model Y SUV achieved 11,417 registrations in the fourth quarter. Sports utility vehicle registrations rose higher than those of the Model 3 Sedan to 7,044, an annual drop of 34%.
Q4 vehicle registrations in 23 states, where data was available, totaled 44,749, with the Model Y accounting for nearly half of that figure, according to Reuters.
Why it matters: The Elon Musk-led company delivered 499,550 vehicles in 2020, just shy of the 500,000 unit target set by the CEO.
The carmaker has started delivering Model Y vehicles in China, where it has collected enough orders for the first three months of this year.
See also: Tesla sells from the first quarter of the model Y offer in China, just a few days after the opening of the order page: Report
Analysts expect Model Y to disrupt China’s luxury car market and give stiff competition to old-fashioned carmakers such as Daimler AG (OTC: DDAIF), Bayerische Motoren Werke AG (OTC: BMWYY), and Volkswagen AG (OTC: VWAGY).
Price action: Tesla shares closed 0.7% higher at $ 850.45 on Wednesday and rose 0.17% in the after-hours session.
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