Electric vehicle (EV) company Tesla Inc (NASDAQ:TSLA) has been a top performer over the years thanks to its growth of volume production and market share gains.
With shares falling related to fourth-quarter financial results, here’s a look back at how much investing in Tesla based on a past catalyst could have been worth for investors.
What Happened: Tesla reported fourth quarter and full-year results Wednesday, Jan. 24. The results included the company saying the Tesla Model Y was the bestselling vehicle globally in 2023.
This comes after a recent report said the vehicle is now the bestselling EV of all-time.
“For a long time, many doubted the viability of EVs. Today, the best-selling vehicle on the planet is an EV,” Tesla said.
A report from Cleantechnica recently estimated that the Model Y is the bestselling EV of all time with 2,493,657 deliveries. This would break a record previously set by the Tesla Model 3 (more than two million deliveries to-date).
Tesla delivered 1.8 million vehicles in 2023, matching its guidance for the full year. The Model Y was a big reason for the growth and success in deliveries for the year.
The Model Y was the bestselling EV in the U.S., according to a recent report. Some 394,497 units were sold and it saw year-over-year growth of 56.6%.
Tesla worked on the Model Y for several years before it was officially unveiled on March 14, 2019. The listed starting price was $39,000 and reservations were available with a refundable $2,500.
The first deliveries of the Model Y took place on March 16, 2020. The SUV went on to set records for electric vehicles and top the charts for overall vehicle sales in 2023.
The success of the Model Y could be a case for Tesla shareholders and potential Tesla investors to study. The company said it is between growth waves, with the first wave the expansion of the Model 3 and Model Y and the next wave being the global expansion of the next-gen vehicle.
“In 2024, our vehicle growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next-generation vehicle at Gigafactory Texas,” the company said.
While the lower growth rate is a negative, the next-generation vehicle is highly anticipated and with a lower starting price could increase market share for Tesla and mass adoption of…
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