Seeing Tesla soar to the top of America’s best-selling luxury brand would not be surprising. The EV giant is now about to beat the combined sales of its German rivals (VW Group, BMW, and Mercedes-Benz).
Notably, it is the first time that Tesla would exceed 5% of the market in the US, per Cox Automotive’s estimate.
Tesla to exceed 180,000 sales in Q1 alone
The enormous sales growth is primarily caused by the significant price cuts employed by the EV giant in January.
Now, the largest auto services organization forecasts Tesla to surpass 180,000 unit sales in the US in the first quarter of 2023, up 40% YoY. That figure would mark another record high for the company.
The forecast also noted that Tesla is set to dominate the US luxury car market in Q1. Its EV sales are two-fold higher than BMW or Mercedes’. If added together, the two German automakers will have a sale of 162,000 units, which is 18,000 less compared to Tesla’s.
Apart from that, Tesla will also defeat the following mass-market car brands with its 5.1% market share (up 1.4% YoY):
Teslarati noted that Tesla struggled to catch up with legacy automakers in terms of the broader market despite dominating the EV industry.
Tesla reports the highest anticipated sales record
Cox Automotive revealed that Tesla’s 39.5% YoY sales growth is the highest expected record for car brands, with more than 10,000 unit sales in the first quarter.
On that note, Lucid
(192.2%) and Rivian (563.8%) exceeded Tesla’s sales growth, per the data. However, these records may be primarily driven by their production ramp-up as they were just starting production as startups.
Overall new car sales forecast
Cox Automotive predicts that overall new-vehicle sales will drop from the prior quarter in Q1 2023. Nonetheless, they went above and beyond predictions. A 5.7 percent yearly growth is also anticipated.
Notably, the report noted that better inventory levels and stronger fleet sales mostly caused the projected Q1 sales gain.
See Also:
- Tesla snatches “US luxury crown” from former King BMW
- US: Tesla led the luxury car segment in 2022
- Tesla Leads Luxury Car Segment in US during the third quarter of 2022
- Tesla Dominates the US Luxury Vehicle Registrations Year-to-Date
- California’s top-selling auto brands in 2022, Tesla comes second
Furthermore, it has boosted its FY new car sales prediction to 14.2 million. That figure represents an increase of 3% YoY.
“The stronger start to 2023 has led us to make positive revisions to our vehicle sales forecasts, but we continue to believe supply constraints and affordability issues will put a ceiling on what’s possible in the year ahead.”
Cox Automotive Chief Economist Jonathan Smoke
You can view Cox Automotive’s Q1 2023 sales forecast here.
