Tesla Motors Inc. (NASDAQ:TSLA) is without any doubt up against some severe competition keeping pace with its ever-expanding targets, but there is no doubt in one thing that It is selling plenty of its super luxury cars.
According to latest figures, Auto carmaker’s sales of its Model S sedan rose more than 59% year over year, surging its already substantial lead among large luxury cars.
As per data released by analyst firm IHS Markit. Tesla is now accountable for more than a third of the division’s sales. Its closest rivals, the newly upgraded BMW 7-Series and the Mercedes-Benz S-Class, far from even been close.
However in the luxury SUV market, Tesla’s new Model X sold 5,428 U.S. cars for a 6% market share in the third quarter. That’s its uppermost streak yet after manufacturing issues beset the rollout of the car earlier this year. The Model X outperformed Porsches and Land Rovers but lag behind seven major SUV models made by Mercedes, BMW, Cadillac, Volvo, Audi, and Lexus.
Company’s CEO Alan Musk had been assertive towards employees to sell as many cars as possible in an effort to attain a profitable quarter before the company needs to increase spending. Tesla is also looking to takeover SolarCity Corp. and in the mean time set to roll out its lower-priced sedan, the Model 3, by the end of next year.
These figures signified in these two classes of luxury vehicles are minor in contrast with the 17 million cars and trucks sold in the U.S. last year.
The electric-car maker giant is expecting to repeat the triumph of the Model S with its $35,000 Model 3, an intimidating prospect that comprises completion of a massive battery factory in Nevada, enlargement of its factory in California, and the build-out of a worldwide sales and service network.
Tesla Motors (TSLA) upcoming Model 3 is said to be one of the most inexpensive cars in the entry-level luxury class. Also Tesla Chief Executive Officer said previously that he is targeting to build 500,000 cars a year by 2018.