Tesla, Lucid, Rivian Cost CA's Legacy Dealers $910 Million In Profits via insideevs.com
Automakers and the traditional dealership association have pushed back against Tesla and others for obvious reasons. These newer car companies are allowed, in many cases, to sell their own cars via their own stores and online sales, with no middleman. Meanwhile, traditional automotive manufacturers must still succumb to the rules of the antiquated franchised dealership model.
In 2022, Tesla, Lucid, and Rivian added some 12% market share in California by selling their EVs directly to consumers. At the same time, legacy dealerships in the state lost of average profit of about $700,000 per site. California has over 1,300 traditional dealerships, so the total loss in unrealized profits adds up to over $900 million.
According to J.D. Power, Tesla, Lucid, and Rivian accounted for a combined 193,707 new-car registrations in the Golden State last year, though about 188,000 of those were Tesla models. California's legacy dealers averaged about $4,700 in profit per vehicle sold in 2022. Thus, the startups essentially snatched up $910 million in potential profits that the dealers could have made.
While some legacy dealerships are successfully selling EVs, none are even coming close to selling them in numbers that parallel Tesla. Moreover,Read These Related Stories:
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