Photo: Tesla
Summary:
Tesla continues to be a dominant force in the electric market, with new-vehicle registration data showing a significant 35% increase in U.S. registrations for January-February 2023 compared to the same period in 2022, reports Automotive News.
Despite facing growing competition from automakers like Chevrolet and Volkswagen, Tesla’s impressive growth in registrations, particularly for its Model Y, highlights the company’s resilience and market leadership.
The Model Y crossover saw a phenomenal 71% increase in registrations during the January-February period, becoming the best-selling EV in the US, based on Experian data. This success can be attributed to a 20% price cut in January and the availability of federal tax incentives.
Meanwhile, Model 3 registrations experienced a 15% increase, further solidifying Tesla’s position in the market.
“While the market forces surrounding Tesla have undeniably shifted in the past 12 months, Tesla’s ability to post impressive registration growth in the face of increased competition speaks volumes about the company’s resilience and enduring appeal,” said Karl Brauer, Executive Analyst at iSeeCars.com.
Although Tesla’s market share dipped to 58% in January-February 2023 compared to 72% a year earlier, the company’s substantial growth in registrations demonstrates its ongoing strength in the EV market.
We’re not just seeing this growth of the Model Y in the U.S., but the vehicle also was a best-seller in China and also Germany to name a couple of other markets. Tesla CEO Elon Musk has long said the Model Y compact crossover would become the world’s best-selling car of any kind, and we’re starting to see that play out in many markets including the U.S.