Tesla Now At 4% Of US Auto Market, Nearly 3% Of European Auto Market
One of the most interesting elements of Tesla’s quarterly shareholder reports is something that seldom gets much or even any attention. There’s not a lot to write about it, but it is always fascinating to look at and ponder. What I’m talking about is Tesla’s graph on the company’s market share in three major auto markets — the US, Europe, and China.
Most notable is the fact that Tesla’s market share grows almost continuously in all three markets. It keeps getting more and more of the auto industry pie.
The next most notable highlight for me is that Tesla’s share of the US auto market is up to ~4%. That means one out of every ~25 automobile sales in the country is a new Tesla making it into someone’s driveway. That’s up from well under 2% two years ago and around 3% one year ago.
Tesla’s market share growth in Europe has a very similar growth trend but rose much more sharply in the last quarter. Tesla is approaching 3% market share in that large car market. That means one of out every 33 or so new cars on the road is a Tesla.
Then there’s China. China is the largest auto market in the world and also by far the largest electric car market. Tesla has just surpassed 2% market share there, accounting for one out of every 50 new car sales. It’s true that 2% is no 3% or 4%, but given the volumes in this market and the extreme level of EV competition, this result is still very notable.
We’ll see if Tesla can maintain this upward trend and momentum in the third quarter.
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