Tesla is expected to near its 50% sales growth target for the year in the United States, according to Cox Automotive.
Tesla has one of the highest growth targets in the automotive industry, aiming for 50% sales growth year over year. For this year, that would mean producing and selling just over 1.4 million vehicles globally. According to an analysis from Cox Automotive, the company might be within striking distance of that goal.
According to Cox Automotive’s 2022 sales analysis, they expect Tesla to sell 133,879 units domestically, a sales growth of 16.2% compared to Q4 2021. This would equate to Tesla selling a total of 524,693 units in 2022, a sales growth of 48.9% in the U.S.
It remains unclear if Tesla is capable of the same growth in other markets, but there are some positive indicators. First, Tesla’s best-selling vehicle, the Model Y, has had fantastic success in Europe and Asia (most notably in China). And second, Tesla has grown both in terms of the number of markets it operates in and the number of offerings it has in each market.
Achieving Tesla’s 50% growth target will not only be good for the Tesla spreadsheet (increasing revenues), but it may be the perfect thing to combat Tesla’s stock slide over the past few months.
Other brands that Cox believes will have positive sales growth years include General Motors (+2.3%), Daimler Mercedes (+6%), and unsurprisingly, Rivian (+3,152.2%) and Lucid (+336.5). However, the overall trend is negative, with Cox estimating the car market to contract by roughly 8% overall, despite sales in Q4 being up nearly across the board.
The brands that are expected to lose sales most significantly include Honda (-33.3%), Jaguar Land Rover/Tata (-27.4%), and Nissan Mitsubishi (-24.1%).
Whether Tesla can meet its growth goal or not, the brand will undoubtedly have yet another record year and is lined up for even more continuous growth in the new year. And if Cox’s analysis is anything to go by, Tesla might be getting good news exactly when it needs some.
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