Tesla's Year-Over-Year Sales Almost Hits the 600 Percent Growth Milestone
The electric vehicle market is growing at an exponential rate in North America along with rest of the world. The growing demand for electric vehicles has resulted in the introduction of new electric car startups. For example, during the recent 2018 Los Angeles Auto Show, the public was introduced to offerings from several new electric car startups.
While the growing demand is increasing the competition for electric vehicle pioneer Tesla, it is also helping promote the company's sales at an exponential rate.
Tesla managed to almost hit a 600 percent year-over-year sales growth target last month. One of the reasons for this exponential growth can be attributed to the introduction of company's mass-market model Tesla Model 3.
The company faced many challenges while setting up production for the Model 3. Over time, Tesla managed to address these challenges and bottlenecks and streamlined the production process. Currently, a Tesla Model 3 with a standard battery can be delivered in 4 to 6 months.
With Tesla Model 3 being delivered in high volumes, Tesla has managed to secure a majority of the plug-in market in North America.
In November, Tesla managed to sell almost 25,000 electric cars in the U.S. The Model 3's popularity has not only aided in the sales of Tesla, but has also managed to attract buyers from other premium and performance sedan segments.
As of November 2018, Tesla managed to move around 115,000 Model 3's, which is followed by around 23,000 Model S sedans and 22,000 Model X SUVs. The sales margin between the Model S and Model X is not that significant but we can clearly see that the most popular product in Tesla's lineup today is the company's mass-market offering, the Model 3.
The Tesla Model 3 is available in three variants, which include a mid-range battery rear wheel drive Model 3, a long-range dual motor all-wheel drive variant and the performance dual motor all-wheel drive variant.
The Tesla Model 3 driving range is between 260 and 310 miles, depending on the variants. The top speed of the base Model 3 is 125 mph and goes all the way up to 255 mph in the top of the line performance model.
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