The Tesla Model 3 may be the best-selling sedan in the US based on Q1 2020 estimates by HyperChange host Gali Russell. The EV automaker’s Model 3 has indeed changed Tesla’s presence in the auto market. Tesla’s affordable sedan has even made big waves in China.
HyperChange's Gali Russell ran the probable numbers for Q1 2020 and discovered that the Model 3 was the best-selling sedan both in the luxury and non-luxury categories. According to autocharts—which uses information from automakers and other reputable sources—the Tesla Model 3 came in sixth place in the non-luxury passenger cars category with an estimate of 44,500 units sold. The Toyota Camry came in first place, with 77,188 units sold.
After the Toyota Camry was the Corolla, Honda Civic, Nissan Altima, and Honda Accord, respectively. Based on hypercharts, the Camry should be classified as the best-selling car in Q1 2020.
However, the Tesla Model 3 beats the Toyota Camry in terms of revenue. Tesla’s affordable sedan costs almost double—or even triple with its Performance variant—the Camry and the other passenger vehicle above it on the list.
Russell crunched the numbers and argued that the Model 3’s average selling price was at least 85% higher when compared to the Camry. After adjusting Tesla’s Model 3 sales by 85%, Russell calculated that Tesla would have sold the equivalent of about 82,000 Camrys in Q1 2020. Compared to Toyota’s actual Camry sales, Tesla was the winner.
When compared to small and midsized luxury cars, the Tesla Model 3 overshadowed the competition, selling an estimated 44,500 units. For comparison, BMW came in second, selling 20,042 vehicles in the category. Besides BMW, Tesla sold more units of its small-to-midsize luxury sedan than Mercedes-Benz, Audi, Lexus, among other notable brands.
When it came to the Electric & Plug-In vehicle sales, there didn’t seem to be any competition for Tesla. The Chevrolet Bolt came in second place, with only 5,874 units sold, compared to Tesla’s 44,500 Model 3 units. Russell said that the data from the EV market was a bit disappointing because it revealed no growth.
There was a lot of speculation that Tesla would lose some of its market share in the EV segment once legacy automakers entered the competition. However, the opposite seems to be happening. Tesla’s presence in the EV market appears to be growing. As Sandy Munro explained in his interview with Third Row Tesla podcast, legacy automakers don’t seem to be taking their entries into the EV market seriously.
Tesla’s Model 3 appears to be doing well outside the US, too, especially in China. The China Car Association (CPCA) reported that Giga Shanghai had its highest-ever monthly sales in March after selling 10,160 MIC Model 3 SR+ units. According to Reuters, 30% of all battery electric vehicles (BEVs) sold in China were the locally-made Tesla Model 3.
Tesla’s Model 3 sales in China have remained steady even with the current pandemic. It shows strong demand for the Tesla Model 3 in one of the largest auto markets in the world. Giga Shanghai will be delivering the Model 3 Longe Range soon, promising high profits and more substantial numbers for Tesla in April. The MIC Model 3 Long Range RWD will start Q2 2020 out strong for the company.
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