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3 months ago
Tesla Sales Drop 15% in California, Hyundai Gains Market Share (Apr 17, 2025)
Tesla’s struggles in California continue, with first-quarter registrations down 15.1% year-over-year, according to the California New Car Dealers Association (CNCDA). Tesla registered 42,322 vehicles in the quarter, marking its sixth consecutive quarter of declining sales. Meanwhile, its EV market share plunged from 55.5% to 43.9%.In contrast, Hyundai, Kia, and Genesis all posted sales growth exceeding 30%. Hyundai and Kia each gained 0.7 percentage points in overall market share, while Genesis gained 0.2 percentage points. In the EV segment specifically, Hyundai grew 35.0% and Genesis surged 39.1%, capturing part of Tesla’s lost ground.CNCDA attributed Tesla’s decline not only to increasing competition but also to growing political backlash against Elon Musk in Democratic-leaning California. In addition, rising tariffs and trade policy uncertainty have further clouded the outlook for the state’s new car market—suggesting Tesla’s downward trend may persist without a near-term recovery.[Compliance Note]All posts by Sellsmart are for informational purposes only. Final investment decisions should be made with careful judgment and at the investor’s own risk.The content of this post may be inaccurate, and any profits or losses resulting from trades are solely the responsibility of the investor.Core16 may hold positions in the stocks mentioned in this post and may buy or sell them at any time.
