Tesla Inc. faced a notable decline in car sales across California in 2024, with the Model 3 sedan experiencing a staggering 36% drop in annual registrations. Data from the California New Car Dealers Association reveals that overall Tesla sales decreased nearly 12% throughout the year, culminating in an almost 8% decline in the fourth quarter alone. This downturn comes despite the introduction of the Cybertruck, which began sales in late 2023.
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The dip in Tesla's sales can be attributed to various factors, including the transition of the Model 3 and a shifting market environment. However, CEO Elon Musk's contentious political activities may have impacted consumer sentiment. His $288 million investment in the 2024 election cycle to support Republican candidates, alongside California's significant Democratic leaning, likely alienated some potential buyers. As a result, Tesla's reputation took a hit, registering its lowest consumer trust scores since 2023.
Despite retaining the majority of California's zero-emission vehicle registrations at 52.5%, down from 60.1% the previous year, Tesla now faces increasing competition. Honda and Hyundai have emerged as substantial gainers in the EV market, further challenging Tesla's dominance in the state's burgeoning electric vehicle landscape.
News Source: fortune
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