The premier American electric vehicle manufacturer saw a surge in sales towards the end of 2023 after implementing substantial price cuts. This move attracted buyers seeking to capitalize on government incentives that will become scarcer in 2024. Tesla reported a sale of 484,500 cars in the fourth quarter, a marked increase from 435,000 in the third quarter and 405,000 in the same period of 2022. Over the entire year, Tesla sold a total of 1.8 million vehicles, positioning itself potentially to surpass two million sales in 2024, potentially overtaking well-established car brands like Mercedes-Benz and Renault.
This sales resurgence during the last quarter is likely to assuage investor apprehensions regarding Tesla's ability to maintain its hold on the electric vehicle market amidst intensifying competition from traditional automakers. Over the past year, Tesla's market share has declined in favor of competitors such as General Motors, Hyundai, Ford Motor, and Volkswagen, all of which have introduced a wider range of electric vehicles. Despite this, Tesla remains responsible for half of all electric car sales in the United States, although this figure decreased from two-thirds in 2022.
----------The article is excerpted from The New York Times .