California New Car Dealers Association says Tesla sales ‘may have peaked’

The California New Car Dealers Association released its California Auto Outlook covering Q1 of 2024 .”Californians’ love affair with electric vehicle giant Tesla may have peaked. Tesla registrations are down again in The Golden State YTD, reporting a 7.8 percent dip (last quarter posted a 9.8 percent decline) amongst all brand registrations. Toyota showed significant gains among the top three California shareholder brands, increasing to 16.6 percent, as did Honda, capturing 10.5 percent of the market, while Tesla’s numbers faltered (11.6 percent),” the report reads. The California New Car Dealers Association says traditional manufacturers are “stepping up to the plate,” offering new plug-in hybrid hybrid, and battery electric vehicle models. This shift is evident in the sales of BEVs by traditional franchised dealerships, which have increased 14% compared to last year’s figure, it notes.