I’m really surprised it didn’t get more attention.
After all, it’s a pretty big deal.
Last week we learned that the Tesla (NASDAQ: TSLA) Model Y was the second-best selling vehicle in the U.S. in Q1, 2023.
The only vehicle that beat it was the Ford F-150, which consistently ranks as the best-selling vehicle in the U.S.
But think about this for a moment.
13 years ago, Tesla went public after putting just one electric car on the roads.
It was the Roadster, and it launched the beginning of the EV revolution.
At the time, most analysts considered Tesla nothing more than a company that would never amount to much, and only cater to treehuggers and wealthy eccentrics.
Fast forward to today, and not only is Tesla one of the most successful car makers in the world, but in the first quarter of 2023, one of its vehicles outsold every other vehicle in the U.S. market (aside from the F-150).
More than the Toyota Camry and Corolla and more than the Honda Accord, which are all typically some of the best-selling cars in the country.
But what makes this particularly interesting is that electric cars only make up about 7% of all vehicle sales in the U.S. Yet it was one of those electric cars that made it to the #2 spot for all cars sold in the U.S. Not just electric cars. ALL cars.
Globally, there were about 300 electric cars on the road in 2010
Today, there are nearly 30 million.
That’s a compound annual growth rate of 142%!
So it’s not necessarily surprising that at least one electric car would make it to the top 10. But #2? Seriously, this is a very big deal. And considering that more than half of all new cars sold in 2030 will be electric, you will soon start to see more electric cars entering into the top 10. Not just Tesla, either.
Electric cars manufactured by GM (NYSE: GM), Ford (NYSE: F), VW (OTCBB: VWAGY) and Hyundai (OTCBB: HYMTF) are likely to be the first to join Tesla in that top 10 within the next few years. You can count on that.
Worth noting: Hyundai recently announced that it is accelerating its transition to electric cars, and is raising its annual EV sales goal to 2 million by 2030.
Good stuff!
