Tesla Outsells Porsche, Other Top Luxury Brands in CA
The Tesla Model S, the new electric luxury sedan from Elon Musk's Tesla Motors, was the most sought after car of all major luxury brands in California in the first half of 2013.
The electric car outsold all models from other luxury brands including Porsche, Volvo, Jaguar, Lincoln and Land Rover.
4,714 new Tesla's were registered in the first six months of the year and beat out other popular models such as the Lexus GS and Audi A6.
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The Model S, starts around $70,000 and can reach north of $100,000, is attracting the young and wealthy.
33.2 percent of Model S buyers are 18-44 years old and 50.6 percent are 45-64 years old with three quarters of buyers having an annual income over $100,000, according to analysis from Edmunds.com
California is the largest state for auto sales, and this year's sales are estimated to rise more than 10 percent over last year. The top-selling new car in the state was the Toyota Prius hybrid, with 33,987 so far in 2013.
Tesla announced earlier this year that it had repaid its $465 million government loan with interest nearly a decade before it was due.
The loans were issued under Advanced Technology Vehicle Manufacturing program that was part of the Obama administration's commitment to invest in green technology.
"Tesla employs more than 3,000 American workers and is living proof of the power of American innovation," U.S. Energy Secretary Ernest Moniz said in a statement. "This is another important contribution to what the Obama Administration has done to preserve and promote America's auto industry. This announcement is also good news for the future of America's growing electric vehicle industry."
Tesla made a payment of $451.8 million in May, which was comprised partly from $1 billion in funds raised from the company's offering of common stock and convertible senior notes.
"I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American taxpayer from whom these funds originate," Musk said in a statement. "I hope we did you proud."
