Tesla is gaining a growing share of the automotive market, accelerating the world's transition from combustion-engine vehicles to electric ones. Thanks to sales in Q2 2022, the manufacturer already holds over 3% of the car market share in North America.
Although the second quarter of this year was very difficult for Tesla, the company was able to persevere and overcome the difficulties, achieving strong production and delivery results. Throughout the quarter, the manufacturer continued to increase its global market share and achieved particularly important changes in the North American automotive market.
According to Tesla's Q2 2022 Earnings Report, the company holds over 3% of the auto market share in North America, which includes the US and Canada. Rapid growth began in Q3 2021 and continues to this day. Sales in North America continue to be strong. The disruption of supply chains over the past years, starting with COVID-19 in 2020, has created many obstacles for the entire automotive industry. Nevertheless, Tesla was able to increase production in new, difficult conditions, which significantly distinguished itself from its competitors.
In Europe and China, the company's market share is close to 2%. It is worth noting that only Giga Shanghai produces cars for the European and Chinese markets at once, as well as for other countries in the Asia-Pacific region. Unfortunately, in Q2 2022, production not only could not increase, but also decreased, due to the production stoppage at Giga Shanghai for more than three weeks. However, the modernization of the factory will be completed in August. At that point, car production should increase significantly, the markets of Europe and China will continue to be saturated with Tesla cars, and the share of the manufacturer will continue to grow there.
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.