According to a StockApps analysis, Tesla grew its U.S market share from 1.2% in Q1 2020 to 2.7% in Q1 2022. That’s a 125% jump in its American foothold in the last couple of years.
In the first quarter of 2022, the company sold more than 310,000 electric cars across different automotive markets, representing a 68% increase from the previous year. Further analysis shows that Tesla is inching towards a 3% market share in the U.S. and Canada. On the other hand, its European market share stood at roughly 1.8%, while in China, it held 1.6% of the market.
Tesla Model Y is in high demand in Texas and Germany. In fact, Tesla says the demand for this Tesla model exceeds its manufacturing capacity.
The company’s long-term goal is to establish a reputation in global automotive markets and increase the sale of electric cars, targeting a 50% increase annually.