A Little Good News for Tesla

Sentiment surrounding the electric vehicle (EV) industry hasn't exactly been inspiring of late. Sales growth has slowed in the U.S., highly subsidized yet well-built and well-received Chinese EVs are attempting to break into markets around the world, and charging infrastructure in many places still leaves much to be desired. (NASDAQ: TSLA) has had its fair share of bad news, but registration data for July brought a bit of good news for its shareholders.

The good news for the broader industry is that new EV registrations spiked 18% in July compared to the prior year, partially thanks to Tesla's Cybertruck, according to U.S. data from S Global Mobility. Further, electric vehicles' share of the U.S. light-vehicle market rose to 8.5% from the prior year's 7.6%. The 18% gain in July was significantly larger than the overall increase in the January-to-July period, when EV registrations grew by 8.7% compared to the prior year.

In Q2, Tesla's sales fell for the second consecutive quarter. It was the first time in company history that year-over-year sales fell two quarters in a row. Tesla's sales in the second quarter declined 5% year over year, and in the first quarter, sales slid 8.5%. However, its registrations in July suggest the third quarter is off to a better start.

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Source Fool.com