Tesla released their 2018 Q4 earnings report today and this paragraph (and the associated chart) blew my mind:
In the past two years, Tesla vehicles have accounted for all of the electric vehicle (EV) volume growth in the US. Even with the radical EV growth in the second half of 2018, EVs still account for just 2% of the total US market, and there remains a substantial opportunity for EVs to continue to gain market share in the US and globally. Consumer purchases have demonstrated that EVs are becoming a preferred option, as EVs in Q4 2018 outsold hybrid electric vehicles (HEVs) in the US for the first time in history.
As the chart shows, EV sales for all other manufacturers have remained more or less flat since Q1 2017, while Tesla has experienced massive growth (primarily due to the Model 3). 🤯
On the earnings call, Elon Musk said Tesla has finished the design and engineering phase of the upcoming Model Y crossover SUV and is now tooling up for production. Given that crossovers are typically more popular than passenger sedans like the Model 3, this trend could continue for a while unless another manufacturer introduces a true competitor.
Does anyone else have a shot at truly competing with Tesla's growth?