Tesla Outsells Ten Major Car Companies In California
Tesla Model S captures 12-percent of sports car market
Tesla Motors has been making headlines recently, and there is still more good news for the electric car manufacturer. Quartz reports Californians bought more Teslas in June than Buicks, Cadillacs, Chryslers, Fiats, Jaguars, Land Rovers, Lincolns, Mitsubishis, Porsches or Volvos. Tesla's only current model, the Model S, beat each of these manufacturers full lineups in June and captured 12-percent of California's luxury sports category, according to Polk data.
Tesla sold eight units in June 2012. This year, the company has already sold 4,715 cars in California, with 1,097 cars registered in June. Tesla has been riding a wave of good press since paying off federal loans 10 years early. Since then, share prices have shot up to $171.67 by early this afternoon. Tesla recently self-crowned the Model S the "Safest Car Ever," much to the annoyance of the National Highway Traffic Safety Administration.
Tesla's market capitalization--more than $20 billion based on it's August 26 trading price--seems absurd by most measures. After all, the small EV-only company is valued at a higher level than decades-old automakers like Fiat and Peugeot. But some Wall Street analysts and some of those investing are looking at the long-term upside of the Tesla brand. Indeed, the Tesla brand is starting to be looked at as valuable in the non-electric luxury space as well as the growing EV category.
Brian Johnson of Barclays, the bank's auto industry analyst, projects that shares of the automaker could climb close to $300 a share, and suggested the now-niche company could succeed on a much larger scale.
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