Tesla, Rivian, Lucid snatch $910 million from traditional dealers in California

In news that will either seem like an injustice or schadenfreude depending on how you feel about the traditional dealership model, industry publication Automotive News, based on data from J.D. Power, reports that direct-sales operations like Tesla have exacted a large opportunity cost on California dealers — snatching $910 million in unrealized profit from them last year.

Divide that by the state's 1,303 traditional dealerships, and the lost profit amounts to almost $700,000 per store.

Tesla, Rivian and Lucid all sell direct to consumers, adding up to 12 percent market share in the state last year.