Tesla Inc’s market share in California, the largest US state for zero emission vehicles, has shrunk during the first three months of 2023 despite considerable price reductions, as the company’s main competitors have expanded their shares.
Tesla’s share of California’s battery electric market now stood at 59.6% in the first quarter, Reuters reported, or the lowest market share since 2017.
That also compares with a 72.7% share for the entire 2022.
Last year, the electric car maker’s sales in California represented 16% of the company’s global deliveries.
Competitors such as Volkswagen AG, General Motors Co and Kia Corp all expanded their market shares in California from January to March. Though, those companies’ controlled shares still were in the single digits.
Tesla Inc has slashed vehicle prices in the United States 6 times since January. Price cuts were also carried out in other markets, including Europe and China.
The shares of Tesla Inc (TSLA) closed 1.28% ($2.09) higher at $165.08 on Nasdaq on Friday, as it snapped a three-day streak of losses.
The electric vehicle maker’s total market cap now stands at $523.19 billion.
The shares of Tesla Inc went down 65.03% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
The auto maker’s shares have risen 34.02% so far this year.