The latest data out of the US shows Tesla (TSLA) sales slipping here too, following drops in regions like Europe and China.
S&P Global Mobility reports registrations for Tesla vehicles in the US dipped to 43,411 in January, an 11% dip compared to a year ago. Though Tesla retained the top spot in terms of US market share at 42.5%, it represented a whopping drop of 12 percentage points from a year ago. Automotive News first published the S&P data.
Tesla does not report sales data by month or region, so registration data is seen as the best measure of sales. Meanwhile, total EV registrations climbed 14% to 102,188 EVs in the US in January, with brands like Ford (F) seeing EV sales climb 14% (8,366 units) and Chevrolet (GM) up 36% (5,935 units).
Despite the news, Tesla stock closed up 7.6% on Wednesday, with the overall tech sector seeing a boost due to moderating CPI data. The recent pop in Tesla shares follows an over 39% drop year to date.
At close: March 12 at 4:00:01 PM EDT
The US sales data follows weakness in Europe, where sales dropped a precipitous 45% in January, and a 49% plunge in China the following month as new EV competition and backlash to Musk’s political activities may be hurting sales both here and abroad.
Looking across Tesla’s product lines, registrations of the Model Y crossover — the No. 1 EV in the US (and the top-selling vehicle in the world last year) — fell 26% in January compared to a year ago at 23,898 units. Part of the reason for the decline is the Model Y product changeover occurring at Tesla’s factories; the new Model Y is now on sale.
Model 3 sales jumped 19% compared to January, with 14,004 registrations, which coincided with the launch of the updated Model 3 early last year. But Tesla’s more premium vehicles, the Model X and Model S, saw sales plunge in January, down 45% and 38%, respectively.
The polarizing Cybertruck — which saw price cuts, lease deals, and production cuts in 2024 — notched 2,807 registrations in January, compared to its average of around 3,300 units per month.
Tesla’s two-day Wall Street rebound comes after the stock suffered its worst day in nearly five years on Monday. At an event on Tuesday at the White House, President Trump said he would purchase a Tesla Model S and hoped his purchase would help boost Tesla EV sales.
Nevertheless, Wall Street analysts have been engaged in a tug-of-war over what’s next for Tesla. Evercore was the latest to cut its 2025 delivery forecast for the company, taking it down to 1.75 million units from 1.875 million, with concern the number could drop below 1.7 million as the bank claimed Tesla was facing brand and volume “destruction.” UBS also cut its Tesla delivery total to 1.7 million earlier this week.
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