Tesla Model 3 gains amid Model S sales slump

Tesla is feeling some pressure as sales of its high end Model S sedan are taking a hit. The electric car maker saw a 54% decline in California registrations of Model S. The state serves as a pretty good indicator for demand as it represented 40% of Model S registrations in the country last year. Tesla will have to rely more heavily on its lower priced Model 3 in order to hit another record quarter for vehicle deliveries.