Sources tell FOX Business’s Charlie Gasparino that Tesla shares could collapse after the listing, as earnings estimates are lower than current prices.
Tesla Inc’s vehicle registrations nearly halved in the U.S. state of California in the second quarter, according to data from Cross-Sell, a market research firm that collects title and registration data.
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Most parts of the United States were under government-imposed stay-at-home orders between April and June to combat the spread of the coronavirus outbreak, which impacted production and caused a drop in car sales.
Tesla’s only American vehicle factory in California was closed for about six weeks of the quarter.
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The report released Wednesday showed that registrations in California, an innovative market for the electric car maker, plummeted nearly 48% from a year earlier to 9,774 vehicles in the three months ended June 2020.
The Tesla logo on a car in Los Angeles, California, USA, July 9, 2020. (REUTERS / Lucy Nicholson)
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Model 3 registrations in the state, which accounted for more than half of total registrations, fell 63.6% to 5,951 vehicles.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| TSLA | TESLA INC. | 1,546.01 | +29.21 | + 1.93% |
Total vehicle registrations in the 23 states from which the data was collected decreased nearly 49% to 18,702 vehicles.
TULSA ENTERTAINS TESLA, STATE LEADERS HAVE STOPS TO WIN THE FACTORY
Earlier this month, the automaker outperformed analyst estimates for vehicle deliveries in the second quarter, defying a trend of declining sales in the auto industry as COVID-related closing orders- 19 kept people home.
Registration figures may not accurately reflect the number of vehicle deliveries during the quarter, as registrations in the United States generally take approximately 30 days from the time of sale.
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