Tesla achieved a significant milestone by selling 1.8 million electric vehicles in 2023, meeting its sales goal outlined in its 2022 financial results released last January. The company’s CEO, Elon Musk, undoubtedly welcomed this achievement, signaling successful market penetration.
Tesla’s Impressive 2023 Electric Vehicle Sales
In the last quarter of 2023, Tesla manufactured 494,989 vehicles, including 18,212 of the premium Models S and X, and 476,777 of the popular Models 3 and Y. The deliveries for the same period amounted to 484,507 electric vehicles, with Models 3 and Y contributing 461,538 units.
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Cumulatively, Tesla’s production for the year reached 1,845,985 electric vehicles, comprising 1,775,159 Models 3 and Y, and 70,826 Models S and X. The company delivered 1,808,581 electric vehicles in 2023, meeting its sales goal of 1.8 million cars, with Models 3 and Y accounting for 1,739,707 units and Models S and X contributing 68,874 units.
Growth Challenges: Falling Short of 50% CAGR
While Tesla celebrated another record year, the company fell short of its targeted cumulative annual growth rate (CAGR) of 50 percent. After a 40 percent growth rate last year, the growth rate for 2023 was 38 percent. To achieve the ambitious 50 percent CAGR, 2024 will need to be a stronger year for Tesla.
BYD’s Surpassing and Market Share Decline
BYD, a Chinese automaker, made waves by surpassing Tesla in EV sales for the first time in Q4 2023. Additionally, Tesla’s market share is slowly declining in the US, where numerous new EVs have recently entered the market.
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Given that China and the US are Tesla’s primary markets, investors have taken notice, resulting in a nearly 5 percent decrease in Tesla’s share price since the start of trading.
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Strategic Outlook :
As Tesla looks ahead, it faces the challenge of increasing its growth rate and maintaining its competitive edge in the evolving EV market. The company aims to address these challenges strategically to ensure continued success in the coming years.