The epic rise of Tesla Motors seems almost impossible to believe. Yet just a year into production of its first original design, the Model S, Tesla Motors has managed to grab 8.4% of the U.S. luxury car market. No wonder Wall St. loves Tesla.
Despite the fact that Tesla (claims) it is aiming for performance over luxury, the young electric automaker has managed to outsell some perennial luxury car favorites. This includes the Audi A8, BMW 7-series, and Mercedes S-class, all of which Tesla has reportedly outsold in the past quarter. With production exceeding expectations, Tesla seems poised to take over a bigger portion of the market.
In fact, Tesla has supposedly garnered as much as 8.4% of the U.S. luxury car market, a huge slice for a company that has only been building its only car for 14 months. With about 640,000 luxury cars being sold YTD in 2013, that works out to over 53,000 Tesla Model S units. But even if Tesla is exceeding its rate of production of 400 cars per week, it couldn’t have built much more than 12,000 or so units in 2013. We just have to wait for Tesla’s quarterly sales report to get some real hard numbers.
At this rate it won’t be long before Tesla breaks into the double digits, and from there? Who knows. Elon Musk’s electric car company continues to defy expectations and raise the hopes of EV advocates everywhere.
Source: Motley Fool