Tesla Motors Inc (NASDAQ:TSLA)’s popularity in California continues to rise. Apple Inc. (NASDAQ:AAPL) co-founder Steve Wozniak was one Californian who picked up his Model S this week, and now a new report from Edmunds indicates just how popular the vehicle is in Tesla’s home state.
In seven of the wealthiest zip codes in the U.S., Tesla’s Model S is the best-selling model. Of course they are all located in California.
California loves Tesla
Edmunds Senior Analyst Jessica Caldwell examined the 25 wealthiest zip codes in the U.S. Tesla Motors Inc (NASDAQ:TSLA) holds double-digit market share in a few of them. They are Atherton, Calif. (94027); Los Altos Hills, Calif. (94022); and Portola Valley, Calif. (94028). Atherton is the wealthiest zip code in the nation, while Los Altos Hills comes in second. Portola Valley is in ninth place in terms of wealth per U.S. zip code.
In addition to those three zip codes where Tesla Motors Inc (NASDAQ:TSLA) has a double-digit share of the market, there are four others where the automaker’s Model S is the best-selling vehicle. They are another Los Altos Hills zip code (94024); Montecito, Calif. (93108); Monte Sereno, Calif. (95030); and Woodside, Calif. (94062).
What does this mean for Tesla?
Of course you may be saying that it makes sense that the wealthiest people in the U.S. prefer Tesla’s Model S, but the vehicle isn’t the most expensive one on the road. In other words, the wealthy aren’t buying it because it’s expensive. They’re buying it because they like it. In eight of the top wealthiest zip codes in the U.S., Tesla’s Model S is the most registered vehicle this year. It takes that top spot in more of the top 25 zip codes in the U.S. than any other vehicle.
As Caldwell notes, the fact that Tesla Motors Inc (NASDAQ:TSLA)’s Model S is popular among the wealthy doesn’t mean that the automaker’s cars will stop there. Often the wealthy set trends which trickle down to those of us who are less fortunate. Just look at how far Apple Inc. (NASDAQ:AAPL) has gone with its expensive iPhone.
Norway loves Tesla even more
Interestingly enough Norwegians appear to love the Model S even more. Second-hand Model S sedans are selling at a premium there, and the Model S was the best-selling car in all of Norway for the month of September.