Ask most people what comes to mind when they think of Tesla, and you‘ll likely hear words like "innovative", "fast", and "cool" in response. But behind the excitement over Tesla‘s sleek electric vehicles is a company that has shaken up the automotive industry. Just how big has Tesla‘s growth and impact been? Let‘s crunch the numbers.
Contents
Tesla‘s Meteoric Rise
It‘s been less than two decades since Tesla delivered its first Roadster sports car in 2008. In that short time, the company has accomplished things that longstanding automakers have yet to match. Consider that:
-
As of February 2022, Tesla has sold over 1.9 million electric cars worldwide. To put that into perspective, it took Toyota over 50 years to sell its first million vehicles.
-
Tesla‘s sales have skyrocketed from just under 250,000 vehicles in 2019 to over 936,000 in 2021 – a 279% increase in only two years, according to company filings.
-
Revenue has exploded from $24.6 billion in 2019 to $53.8 billion in 2021, a 119% bump.
-
In 2021, Tesla controlled nearly 80% of the US battery electric passenger car market, according to Experian data.
-
Tesla has consistently topped Consumer Reports‘ owner satisfaction survey, including a score of 97 in 2021 – the highest of any auto manufacturer.
The takeaway is clear: Tesla has disrupted the auto industry in an astonishingly short period of time. Now, let‘s look at what‘s driving this profound growth.
Model 3 and Model Y – The Keys to Tesla‘s Surge
Tesla‘s success comes down to two models – the Model 3 sedan and Model Y crossover SUV. Here are some standout stats around Tesla‘s most popular cars:
-
The Model 3 became the world‘s best-selling electric vehicle in 2020, with over 365,000 units sold, according to EV Volumes data.
-
Since launching in 2017, the Model 3 has sold over 1.75 million units worldwide as of early 2022. That‘s about 200,000 more than Toyota‘s famous Prius hybrid has sold in over two decades.
-
The newer Model Y is on a similarly hot streak. In 2021, its first full year of sales, Tesla delivered over 313,000 Model Ys globally.
-
In the US, the Model Y shot to the top spot as the best-selling premium vehicle of any kind in 2021, outselling stalwarts like the BMW X3 and Audi Q5.
-
Together, the Model 3 sedan and Model Y crossover accounted for almost 95% of the 936,000 vehicles Tesla delivered in 2021.
It‘s clear that the Model 3 and Model Y are hitting the sweet spot of EV demand in terms of style, range, technology, and (relatively) affordable pricing. But Tesla isn‘t stopping there…
What‘s Next for Tesla?
With two smash hit products in its portfolio, where is Tesla headed next?
-
Cybertruck – Tesla‘s futuristic pickup generated huge buzz when revealed in 2019. The company has reportedly received over 1 million reservations with $100 deposits. Production is slated to begin in mid-2023.
-
Roadster – An updated version of Tesla‘s original sports car is coming in 2024. Tesla is touting it as the "quickest car in the world" with acceleration of 0-60 mph in under 2 seconds.
-
Semi – Tesla plans to start production of its all-electric Semi commercial truck in 2024 as well. Major companies like Walmart, UPS and Pepsi have pre-ordered the truck.
-
Factories – Tesla is expanding production capacity with new vehicle factories in Austin, Berlin and Shanghai. The company aims to grow output by 50% annually.
-
Batteries – Tesla produces its own industry-leading battery cells and packs. It recently started Model Y production at its new Gigafactory plant in Berlin.
-
Autonomy – All Tesla vehicles are equipped with autonomous driving hardware. Over 100,000 Tesla owners are already testing "Full Self-Driving" mode on public roads.
Given Tesla‘s relentless innovation and progress so far, they appear poised to maintain their disruptive impact. But competition is also heating up…
Tesla‘s Competitive Outlook
Traditional automakers and tech companies alike are waking up to the electric vehicle revolution Tesla kicked off. How competitive will the EV market become?
-
EV sales in China represented 15% of total car sales in 2021. Tesla controlled about 11% of the Chinese EV market last year, according to EV Volumes.
-
In Europe, EV sales rose 65% in 2021 to capture nearly 9% of all car sales, per JATO Dynamics. Tesla maintained 31% of the European EV market.
-
Established players like Volkswagen, GM, and Hyundai are investing billions in large new fleets of electric models.
-
According to Bloomberg, Volkswagen alone plans to build 26 million electric vehicles across its brands over the next decade.
-
Tech giants like Apple and Amazon have been linked to secretive electric and autonomous car projects as well.
So while Tesla faces rapidly increasing competition, they also enjoy powerful advantages in dedicated technology, scale, brand appeal and experience that will be difficult for rivals to replicate anytime soon.
The Road Ahead
In a little over 15 years, Tesla has risen from a niche EV startup to a company valued at over $900 billion that dominates Consumer Reports satisfaction surveys and sells nearly a million intricately engineered vehicles per year.
There‘s no denying Tesla has already achieved the improbable. And with visionary leadership, world-class engineering and technology, and demand for electric vehicles surging worldwide, Tesla appears positioned to continue leading the future of sustainable transport.
Where they‘ll go next on their wild ride is unknown, but it will certainly be fascinating to watch it unfold. Fasten your seatbelts!
