Summary:
Tesla’s sales volume in Q1 2023 surged 55% from last year, selling more than double the volume of BMW, reports Automotive News, citing data from the Automotive News Research & Data Center.
Elon Musk’s company sold an estimated 170,000 sedans and crossovers in the U.S. luxury segment in Q1, taking 28% of total luxury sales in America.
Despite Tesla’s success, competitors are now racing to catch up by launching their own fleets of electric vehicles. Mercedes-Benz quadrupled its EV sales in the first three months, with the brand’s four EQ-branded models accounting for 9.7% of sales, while BMW’s electrified vehicles accounted for nearly 17% of their 82,466 U.S. deliveries in the quarter.
“EV product is driving momentum. We have now a full lineup of these cars available — from SUV to sedan,” said Mercedes-Benz USA sales boss, Senol Bayrak. To boost EV adoption, Mercedes will launch a six-week marketing campaign starting April 22, with the EQE SUV as the centerpiece of the blitz.
“Electric models will be among the main growth drivers globally this year,” added BMW Group sales boss, Pieter Nota.
Analysts suggest that Tesla’s price cuts are in response to the industry bringing competitive EVs. Tesla’s registrations for February indicate 95,829 U.S. registrations, up 35% from a year ago, whereas BMW’s registrations only ticked up 5.4% to 56,756.
Earlier today, Experian data said Tesla’s U.S. EV sales surged in Q1, up 35% year-over-year. Tesla’s total EV registrations in January and February are more than competitors in second place to tenth place combined, a sign of its staggering lead in the EV race to date.