Edmunds published an interesting new report on the success of the Model S in wealthy zip codes in the U.S. Since zip codes are typically smaller than many cities, the zip code correlation is typically more local and representative. Edmunds concluded the following:
- Tesla is doing very well in the zip codes with the highest home values. Eight out of twenty five of the top zip codes had the Model S as the most popular vehicle purchased.
- Tesla’s US market penetration is 0.1%.
- The Model S is not the most expensive car in the market, so there is not a direct correlation between ‘most expensive home’ and ‘most expensive car’ purchases.
- Edmunds is very popular with the Silicon Valley set with four zip codes with double digit market share from 15.4% to 11.2%: Atherton, Los Altos Hills (2 zips), and Portola Valley.
- Outside of California, the highest market share was only 1.2% in Watermill, NY.
- Other popular vehicles are Mercedes and Jeeps.
What the article did not point out was that all eight of those twenty five zip codes where the Model S is the best selling car model are in California!