Morning Buzz: Tesla Motors Inc (NASDAQ:TSLA), Campbell Soup Company (NYSE:CPB)
California has always been the strongest market for Tesla Motors Inc(NASDAQ:TSLA). The company is based in Palo Alto, and the all-electric vehicle has proven to be wildly popular in both Los Angeles and Silicon Valley. The car is a top seller in tiny, tony Atherton.
According to the California New Car Dealers Association, Tesla delivered 8,347 Model S sedans in California in 2013. If you assume that Tesla sold at least 23,000 cars for the year, that makes California responsible for 36 percent of the company’s sales in 2013.
In January, Tesla pre-announced Q4 earnings and said 6,900 vehicles were sold and delivered. According to the CNCDA, 1,793 vehicles were sold in California in Q4, or 26 percent.
The CNCDA data is based on Polk, which draws from data provided by the Department of Motor Vehicles. So it’s counting deliveries instead of just sales.
But quarter-over-quarter, Tesla sales in the Golden State appear to have slowed a bit:
It could be that more cars are being allocated to other regions to feed growing demand from Europe and China. And Tesla now has sales in all 50 states, including three (!) deliveries in Mississippi.
This isn’t necessarily a bad thing. Tesla doesn’t want to be seen as a company that only makes cars for rich Hollywood stars and Silicon Valley tech moguls. And it’s not. Though the Model S price tag is out of reach for most Americans, the first person to drive the Model S coast-to-coast using the company’s network of free Superchargers was John Glenney of Lexington, Ky.
“As Tesla continues to expand their roll-out both domestic and abroad, there will be less supply for California – their first market,” said Jessica Caldwell of Edmunds.com.
Campbell Soup Company(NYSE:CPB) reports its simple meals business saw a 7% revenue gain in Q4 to help offset a drop in parts of its international business.Volume/mix added two percentage points of growth while price/sales allowances contributed the same amount.Soup sales were up 5%, although a late Thanksgiving may have been a factor.Gross margin was up 50 bps to 35.7% during the period.The company backed its previously-issued guidance which is a positive considering some of the foreign exchange issues that caused other multinationals to drop estimates.
Tags: Campbell Soup Company (NYSE:CPB), Tesla Motors Inc (NASDAQ:TSLA)