Tesla Now Has 5.1% Of US Market
Cox Automotive:
Tesla now has 5.1% of the overall US car market. This is not EVs but the market in general.
In this video I discuss the recent research by Cox and how quickly Tesla is moving up the scale in terms of their market penetration.
Here is the article discussed in the video:
https://www.teslarati.com/tesla-market-share-q1-2023-cox-automotive/
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Summary:
Task discusses an article from Teslarati that examines Tesla's market share in the United States compared to other automotive brands. The research by Cox Automotive reveals that Tesla has 5.1% market share in the automobile market, surpassing brands like BMW, Mercedes, Mazda, Subaru, and Volkswagen. Despite trailing behind General Motors, Tesla is the fastest-growing brand. Task predicts that with the Austin plant scaling up, Tesla may achieve a run rate of 1 million vehicles a year by the end of the year, setting the stage for significant growth in the coming years.
Detailed Article:
Task delves into a recent article from Teslarati that delves into a study conducted by Cox Automotive, one of the largest automotive dealers in the United States. The research focuses on Tesla's market share within the automobile market in the U.S. Task highlights that Tesla currently holds 5.1% of the market share, outperforming well-known brands like BMW, Mercedes, Mazda, Subaru, and Volkswagen.
The data indicates a 1.4% jump from the previous year, positioning Tesla as the fastest-growing brand based on this metric. However, General Motors leads the market with a 16.4-16.7% market share, indicating that traditional automakers still dominate the industry. Despite this, Task emphasizes Tesla's continuous growth trajectory.
Task underscores that Tesla delivered around 1.3 million cars globally last year, with a significant portion sold in the United States. With projections from Cox Automotive pointing to Tesla delivering 180,000 vehicles in Q1 in the U.S., Task anticipates a potential run rate of 720,000 vehicles, showing an upward trend compared to the previous year.
The discussion transitions to Tesla's production outlook, with Task mentioning the scaling up of the Austin plant, albeit at a slower pace than Berlin. Task predicts a potential scaling in Austin over the next three months into Q3, potentially pushing a quarter-million deliveries in the U.S., amounting to a million vehicles a year run rate.
Task contends that Tesla's growth trajectory is different from past scenarios where high growth rates stemmed from lower numbers. With Tesla's current market share of 5.1%, Task speculates that if Tesla can increase it by a few more points, reaching 7%, they could rival brands like Nissan and Honda in terms of market presence.
In conclusion, Task emphasizes Tesla's potential to surpass 750,000 to 800,000 vehicle deliveries in the U.S. this year, positioning them as a significant player in the automotive industry in 2024. With upcoming releases like pickup trucks and the Model Y, Task envisions Tesla potentially reaching a production level of 2 million vehicles annually within the next 12 to 18 months post-2023. This growth trajectory could solidify Tesla's position as a major player in the automotive market in the near future.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.