Tesla Sees 24% Drop In California Registrations As EV Competition Heats Up
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 19 2024
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Source: Benzinga
Decline in Tesla Registrations: Tesla's car registrations in California fell by 24% in Q2, marking the third consecutive quarter of decline, while competitors saw sales increases. The Model Y remains popular but its market share has decreased significantly.
Impact of CEO's Persona and Market Trends: High interest rates and Elon Musk's controversial public persona are affecting demand for Tesla vehicles, as consumers shift towards more affordable hybrid options amidst growing competition.
Analyst Views on XLY
Wall Street analysts forecast XLY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for XLY is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 121.400
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Current: 121.400
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
