Tesla Inc (NASDAQ: TSLA) Vehicle registrations in California increased 63% in the fourth quarter from the previous year, mainly due to the automaker’s midsize sport utility vehicle, according to Cross-Sell data, Reuters reported on Wednesday. -market.
What happened: Tesla’s records in California – the largest market in the United States – gained strength with 22,117 vehicles were recorded in the three months ended in December against 16,200 vehicles in the third quarter, according to Reuters.
The Model Y SUV saw 11,417 records in the fourth quarter. The SUV’s record surpassed that of the Model 3 Sedan by 7,044, an annual decline of 34%.
Vehicle records for the fourth quarter in 23 states, where data were available, reached 44,749, with Model Y accounting for almost half that number, according to Reuters.
Why it matters: The company led by Elon Musk delivered 499,550 vehicles in 2020, just before the CEO’s target of 500,000 units.
The automaker has started delivering Model Y vehicles in China, where it has assembled enough orders to deplete supplies for the first three months of this year.
See too: Tesla sells first-quarter Y model supplies in China just days after the order page opens
Analysts expect Model Y to disrupt China’s luxury car market and offer strong competition to traditional automakers, 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 gained 0.17% in the after-hours session.
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