Tesla, the electric vehicle pioneer, continues its winning streak, having started the year with a bang thanks to significant price cuts on its EV lineup. The company’s latest sales figures reveal that its strategy is paying off, as Tesla’s sales in the US were up by a remarkable 34% in January 2023. Meanwhile, in Europe, Tesla has achieved an astonishing year-over-year volume expansion of over 1000 per cent setting a new record for the company’s sales growth in the region.
Tesla’s EVs shine: US sales increase by 34% in January 2023
According to Experian data, Tesla continued its domination of the US auto market in January 2023. The company achieved nearly 50,000 new car registrations, far outpacing the second-place BMW with around 31,000 registrations. While some argue that Tesla is not a luxury automaker due to its cars not being as fancy as those produced by BMW, Mercedes, Lexus, and others, the US EV maker has long been considered a luxury brand because of its pricing and cutting-edge technology. Even with larger price cuts, Tesla’s EVs were sold at prices comparable to luxury-class cars. The latest data reinforces Tesla’s position as a dominant force in the EV market, with its sales continuing to outperform traditional automakers.
While Tesla is known for its end-of-quarter sales push, the company surprised consumers by starting the year with some of its biggest price reductions ever. This move, combined with the newly revamped $7,500 US federal EV tax credit, resulted in historical figures for the leading EV manufacturer.
Tesla Sets the Bar High for BMW, Mercedes, and Lexus with Impressive January 2023 New Vehicle Registration Figures, according to Automotive News. With 49917 new registrations Tesla outperformed BMW, which had 31070 and Mercedes and Lexus, which had 23345 and 23082, respectively. This impressive performance sets a high standard for Tesla’s competitors to meet. Notably, Tesla sold 19,000 more vehicles than BMW and doubled the number of new registrations for Mercedes and Lexus.
It’s worth noting that the numbers provided by Experian include all new cars registered in the month, irrespective of their powertrain. However, it’s crucial to emphasize that we’re not referring to EV sales in this discussion. The gap would have been considerably larger if we had looked at Tesla’s EV sales versus rival luxury brands.
The numbers indicate that Tesla’s sales grew by 34% from January 2022, while BMW’s sales rose by only 2.5%. Mercedes saw a 7.3% surge in sales year over year, whereas Lexus’s sales decreased by 6.6%.
The Model 3 also maintained its popularity in January 2023, with registrations up by 29% selling 17526 units during the same time period.
The latest figures from Experian indicate that the EV market witnessed a remarkable 74% growth in January 2023, with 87708 registrations recorded in total, indicating that more people are embracing the EV revolution.
The fact that Tesla sold more EVs in one month than every luxury and mainstream automaker combined is impressive. It emphasizes the company’s strong position in the EV market.
Tesla takes Europe by storm
As the demand for SUVs and all-electric vehicles grows, the European passenger car market is experiencing a rebound. JATO Dynamics’ latest report shows an 11 per cent increase in new registrations year-over-year, reaching 907,000 across 27 countries. While short of previous levels, this news is a positive sign for the auto industry.
The trend towards SUVs shows no signs of slowing down, as they achieve a new record market share of 51.3 per cent. JATO Dynamics’ latest report shows that registrations increased by 14 per cent in January, totalling 464,900 across all types, from small to luxury. The popularity of Battery Electric Vehicles is also on the rise. As even these expanded their volume by 14% YoY to 92,700. This trend reflects a growing interest in eco-friendly and sustainable transportation modes as people choose EVs over other ordinary vehicles.
The Tesla Model Y was the top-selling all-electric model in January, with over 7174 units registered, according to JATO Dynamics. This can be attributed to its placement in two of the most popular vehicle segments: BEVs and SUVs. While the Dacia Spring, Volkswagen ID.4, Volkswagen ID.3, and Fiat 500 electric all had respectable showings in January, with registrations ranging from 3248 to 4242, they were still no match for the popularity of the Tesla Model Y!
The latest registration figures from Tesla are nothing short of extraordinary, with a 1018% increase (almost 9,400 units) compared to a sluggish January 2022. The company’s success can be attributed to the growing demand for its electric vehicles, particularly the Model Y, Model 3 and the newly refreshed Model S and Model X.
The EV market saw impressive growth in 2022, with Volkswagen, Audi, BMW, and Mercedes-Benz all experiencing notable BEV sales increases.
