Major drop for Tesla in the US

(Patria) - In California, the number of new Tesla registrations fell by 24 percent during the second quarter, according to dealer data, indicating growing problems for electric vehicle manufacturers.

High interest rates and strong competition have led to reduced demand for electric cars as buyers opt for cheaper hybrid vehicles, reports Index.hr.

Tesla's Model Y remains the best-selling model in the state, but the automaker's market share in the first half of the year fell to 53.4 from 64.6 percent in the same period last year.

"Customers no longer seem as attracted to Tesla," states a report by the California New Car Dealers Association.

On the other hand, the market share of hybrid vehicles has increased in the last three months to 13.4 from 10.8 percent a year ago.

Battery electric vehicles hold 21.9 percent of the market, a slight increase from 21.8 percent a year ago.