More than likely a bad gauge, test the output of the alternator with a multimeter, then test the power wire at the gauge. reading should be very close or identical. Fwiw, i had the alternator rebuilt on my old barefoot nautique because it was undercharging. They never replaced the voltage regulator. I had to bring it back so they could rebuilt it properly. If you arn't rebuilding it yourself, you don't really know what is getting replaced and what is getting cleaned and reinstalled by the rebuilder. I'd double check that they replaced your voltage regulator.
1988 Supra Sun Sport 454 PCM
1972 Olds Cutlass 455
1998 BMW 750il
1996 BMW M3 coupe
1995 Toyota Tacoma 4x4