Boston, MA 11/01/2013 (wallstreetpr) – Tesla Motors Inc (NASDAQ:TSLA) designs and manufactures electric vehicles (EVs). The automaker holds special auto dealer licenses which allow it to own its sales and service network. The company’s automotive machines, which can be compared to smartphones on wheels, are charming the pockets of California’s wealthiest.
In eight of the 25 elite zip codes in the U.S., TSLA’s Model S sedan has remained the best selling car for the eight months of the year so far. This is according to the study by Edmunds. In the Atherton code of California where median home prices is roughly $6.7 million, Model S sedan accounted for over 15% of all the new car registration. TSLA has its headquarters in Palo Alto, just next to this wealthy zip code. At 15% of the market share in this pocket of California, TSLA is doing incredibly great. Through the two previous quarters TSLA sold 10K units of its high-end locomotive machines. The general car market witnessed 7 million sales for the period.
Out of the eight elite codes, Athernto had the highest sales at 15.4%, followed by Los Altlos Hill, still in California, at 11.9% of Model S new registrations in the wealthiest pockets of the country. Considering that the wealthiest typically set the trend for the purchase of luxury cars, its means that TSLA’s EVs are poised for greater sales in the near future. Actually, the carmaker is also planning the release its updated SUV Model X next year which is expected to take the luxury car market by storm. And with dealer permits that allow it to sell its high-end machines directly to customers, things can only get better for TSLA.
Due to TSLA’s federal compliant EVs, the cars attract tax credits, for example, in California; buyers enjoy $7,500 in fed tax credit for buying TSLA cars. They also qualify for $2,500 state tax credit plus access to high-occupancy lane even with the driver alone in the car. Demand for TSLA cars is also expected to grow among the New Yorkers.