This time around, however, Elon Musk’s Tesla limped into the New Year with Q4 sales growth far worse than anticipated. While their market share will decrease, Tesla will keep the leadership position for years to come without a major misstep from within the company.In January 2022, Tesla announced a final quarter crescendo during which vehicle sales grew at a staggering 87%, helping launch the company’s shares into the upper stratosphere. Even Audi and Mercedes are finding it difficult to tap into the same type of aura. The Cult of Tesla will keep buyers attached to the brand for years to come. He said, "Tesla has such a head start on the competition in the EV market that it is unlikely for anyone to pass them anytime soon. After all, Tesla is competing against vehicles of all types – not just against other electric vehicles."Īuto Forecast Solutions Vice President Sam Fiorani agreed. But we fully expect Tesla's share of the overall market to continue rising, and we stress that declining BEV market share should not be considered a bearish signal. "Tesla's share of the battery electric vehicle (BEV) market will almost certainly fall – because many peers haven't started selling BEVs yet. Piper Sandler senior research analyst Alexander Potter, a bull with a $1,200 price target for shares of Tesla, wrote in a note on September 27: The move is part of the Biden administration's pledge to reduce U.S. Meanwhile, President Joe Biden set a voluntary target for half of all new vehicle sales in the US to be electric models by 2030 - including battery electrics, plug-in hybrids, and hydrogen fuel cell vehicles. ![]() The Chinese government has also offered subsidies, tax breaks and invested in charging infrastructure to encourage EV production and adoption. That demand is only encouraged by rising fuel costs and environmental regulations.įor example, in China, government programs make it far quicker and cheaper to get license plates for electric vehicles than internal combustion engine vehicles. New battery electric models, notably Rivian's R1T and Lucid Motors' long-delayed luxury Lucid Air sedan, are now in production and selling to customers in the U.S., an indication that competition is heating up in key markets for Tesla.Īt the same time, interest in electric vehicles is rising too, even in the U.S., a laggard in adoption compared to China and Europe.Īccording to a June 2021 survey from Pew Research, 39% of Americans say that "the next time they purchase a vehicle, they are at least somewhat likely to seriously consider electric." About 7% of Americans said they have already purchased a pure battery electric or hybrid-electric vehicle. Gavin Newsom told CNBC he was "not worried about Elon leaving any time soon," and voiced support for Tesla. Musk previously threatened to move Tesla's headquarters out of California in the spring of 2020 when the state's Covid-related health orders required Tesla's Fremont factory to temporarily suspend operations for a few weeks.Īt the time, California Gov. Tesla is also planning to host its annual shareholder meeting at its plant, now under construction, near Austin on October 7. ![]() Tesla's web site still lists its headquarters as being in Palo Alto, Calif., but Elon Musk moved to Texas last year and the company is building a new factory in the Austin area. The press release announcing the production and deliveries report was dated Austin, Texas. ![]() In their release on Saturday, the company acknowledged the delays, blaming them on "global supply chain and logistics challenges," then thanked customers for their patience. Tesla put customers through repeated, unexpected delivery delays during the quarter. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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