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<p class="has-drop-cap">Electric vehicle (EV) sales <a aria-label="saw a significant jump (opens in a new tab)" href="https://wolfstreet.com/2024/01/30/tesla-closes-in-on-toyota-in-california-the-battle-for-1-total-ev-sales-46-in-2023-other-ev-makers-ramp-up-ev-share-hits-21/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">saw a significant jump</a> in California last year, with industry leader Tesla (NASDAQ: TSLA) increasing its share in that market to 13%. Tesla’s shares rose at the opening bell on Tuesday, opening at $195.29.</p>
<h3 id="tesla-closes-in-on-toyota-in-california">Tesla Closes in on Toyota in California</h3>
<p>Shares of Tesla opened 1.7% higher on Tuesday following the release of new sales data indicating the EV leader is gaining ground on Toyota in the California market.</p>
<p>Notably, Tesla’s share of all light vehicles rose to 13% in California in 2023, reinforcing its position as the second-largest automaker in the state, closing in on Toyota (NYSE: TM), which experienced a decrease in market share to 15.7% last year from 17.3% in 2022.&nbsp;</p>
<p>In 2023, Tesla’s sales in California rose by 24.6%, starkly contrasting Toyota’s modest 2.0% increase. These figures represent a significant change in dynamics in the California market, where Toyota held a 17.2% share in 2019, compared to Tesla’s 3.8%.&nbsp;</p>
<p>The new data could suggest that California consumers increasingly favor Tesla, possibly due to its broad range of electric vehicles. In contrast, Toyota’s EV portfolio is considerably more limited.</p>
<p>The EV giant’s Model Y and Model 3 emerged as the top-selling vehicles in California, leading the market significantly. The Model Y experienced a substantial 52% increase in sales, reaching 132,636 registrations, while the Model 3 saw a 4.9% rise in sales, totaling 82,786 registrations.</p>
<p>Vehicle sales featuring internal combustion engines (ICE), encompassing hybrids and plug-in hybrids, saw a 5.2% increase in 2023, or 69,298 vehicles. However, since reaching their peak in 2016, sales of ICE vehicles have experienced a significant drop of 30%. Meanwhile, sales of EVs surged by 46.1% last year, or 120,204 vehicles, bringing the total figure to 389,000.</p>
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<h3 id="cathie-wood-counting-on-tesla-despite-recent-headwinds">Cathie Wood Counting on Tesla Despite Recent Headwinds</h3>
<p>Although limited, Tesla’s gains at Tuesday’s market open mark a boost for the company’s share price, which has been under significant pressure since the start of 2024.</p>
<p>Year-to-date, Tesla’s shares <a href="https://tokenist.com/tesla-is-the-only-loser-in-the-magnificent-seven-so-far-this-year/" rel="noopener noreferrer nofollow" class="deco-link">plummeted over 22%</a>, due to a myriad of challenges <a href="https://tokenist.com/tesla-slides-premarket-as-ev-maker-plans-to-recall-1-6-million-cars/" rel="noopener noreferrer nofollow" class="deco-link">including recalls</a>, analyst downgrades, supply constraints, and most notably, a gloomy outlook compared to other Magnificent Seven giants.&nbsp;</p>
<p>Still, many investors continue to count on Elon Musk’s company to make a turnaround, including ARK Invest CEO Cathie Wood, who has been <a href="https://tokenist.com/cathie-woods-ark-invest-buys-tesla-sells-coinbase/" rel="noopener noreferrer nofollow" class="deco-link">buying the recent dip</a>. This month, the fund manager <a aria-label="acquired around 690,000 shares (opens in a new tab)" href="https://www.bloomberg.com/news/articles/2024-01-29/cathie-wood-buys-tesla-stock-tsla-as-stock-tumbles-25-this-year" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">acquired around 690,000 shares</a> of Tesla across two ETFs operated by her ARK Investment Management.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Cathie Wood believes Tesla’s stock is poised to make a turnaround after recent challenges. Do you share this bullish view? Let us know in the comments below.&nbsp;&nbsp;</strong></em></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/tesla-shares-open-higher-after-positive-california-sales-data/">Tesla Shares Open Higher After Positive California Sales Data</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Tesla Shares Open Higher After Positive California Sales Data

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