Tesla Inc. (NASDAQ: TSLA) shares have been on a roller-coaster for the past six months. Their path has turned upward recently. A drop of 60% from the same time last year was followed by a 56% recovery of share price in the past month. Among the reasons for the recovery are strong earnings and a forecast that it might sell 2 million cars this year. (Click here to see the most fuel-efficient full-size SUVs.)
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Tesla had a major win in 2022. It was the best-selling luxury car by far, as it distanced itself from the former sector leaders BMW and Mercedes. For the time being, electric cars are trumping those with fossil-fuel engines.
Car and Driver looked at 2022 registrations. Tesla’s figure was 484,351. BMW was far behind at 327,929, and Mercedes at 269,511. Lexus, the luxury division of Toyota, was battered. U.S. car brands Lincoln and Cadillac were nowhere near the top of the list.
BMW and Mercedes have led luxury car sales for decades. It is a shock that a brand that does not have a traditionally powered engine could best them.
Anyone who wonders whether electric car sales are a niche part of the market can think again. If Tesla sells 2 million cars this year, its lead could strengthen. BMW and Mercedes have introduced electric models, but there is no early sign of demand for these.
Tesla’s market cap continues to shock many people on Wall Street. At $660 billion, it is about 10 times Ford’s. But Ford is firmly trapped in its gasoline-powered past, and there is little sign it will emerge, with the sole exception of the pickup segment because of the F-150 Lightning. Even sales of this model have been poor.
Tesla could hold its luxury car position for years.
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