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Tesla Inc. (NASDAQ: TSLA) Vehicle registrations in California increased 63% in the fourth quarter on an annual basis, largely due to the automaker’s midsize sport utility vehicle, according to data from Cross-Sell, reported Reuters Wednesday.
What happened: Tesla’s registrations in California – the largest market in the United States – accelerated as 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 registered 11,417 registrations in the fourth quarter. Registrations for the SUV exceeded those of the Model 3 sedan at 7,044, an annual decline of 34%.
Fourth-quarter vehicle registrations in 23 states, where data was available, stood at 44,749, with the Model Y accounting for nearly half that figure, according to Reuters.
Why is this important: The Elon Musk-led company delivered 499,550 vehicles in 2020, slightly below the CEO’s target of 500,000 units.
The automaker has started delivering Model Y vehicles to China, where it has gathered enough orders to deplete supplies for the first three months of this year.
See also: Tesla sells Model Y in Q1 in China just days after order page opens: Report
Analysts expect the Model Y to disrupt the Chinese luxury car market and give stiff competition to traditional car makers 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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