New data from Cross-Sell shows that Tesla’s vehicle registrations in California jumped just shy of 63% in Q4 2020 compared to Q4 2019, with the Model Y being the largest contributor. Cross-Sell is a research firm that publishes registration and title information.
After beating Wall Street estimates after a strong Q4 showing globally, Tesla managed to reach its own internal goals of delivering and producing 500,000 cars. Thanks to the wide-scale adoption of EVs across the world, Tesla has been fortunate enough to lead the charge, putting it in a prime position to continue its monumental surge in price per share during the weekdays. Nevertheless, Tesla boosted its guidance not only across the world but in its home state of California, where the new, all-electric Model Y crossover contributed greatly to the company’s success.
The Cross-Sell report was released on Wednesday and showed that Tesla managed to rebound from a disappointing third Q3, where only 16,200 cars were purchased in the state that holds the highest number of licensed drivers in the U.S. with over 27 million. Q4 2020 managed to be a much brighter three-month span, where 22,117 cars were delivered to customers.
The big winner was the Model Y, holding over 50% of the total Tesla registrations for the final three months of the year in California. The Model 3 saw a 34% decline in California sales compared to the year prior, only 7,044 being the choice of new Tesla owners.
In the 23 states where data was collected, Tesla registered 44,749 registrations, with the Model Y accounting for nearly 50% of the sales. Cross-Sell does maintain that some registration figures may not be completely accurate due to the 30 day grace period where registrations are received after the sale is complete.
The Model Y was first delivered to owners in March 2020 and has been a widely-popular sibling of the Model 3. The crossover body style allows for sufficient cargo space and legroom, with the optional 7-seater variant making it one of the more spacious SUVs on the market. The vehicle is available in three different variants: the Standard-Range Rear-Wheel Drive, a Dual Motor Long Range All-Wheel Drive, and a Performance All-Wheel Drive configuration for those who require a little extra pep.
Tesla has seen its fair share of growth in 2020, a year that was tough on many industries. Tesla rose over 700% on Wall Street last year, and will report its Q4 2020 Earnings Call on Wednesday, January 27th.