During the second quarter of this year, Tesla has continued to expand its market share, reaching new record levels.
According to the industry data (trailing twelve months), Tesla managed to exceed 3% market share in the US/Canada (counted together).
In the case of Europe and China, the company's market share is close to 2%. In Europe, it marginally decreased (mainly due to a lower supply of cars from China), but in China, the result increased, compared to Q1.
Let's recall that despite various challenges, Tesla increased electric car sales in Q2 by 27% to 254,695.
The manufacturer expects that the second half of the year will bring new record levels of production and sales, which makes us confident that the market share will continue to increase.
Both the plants in California and in China recently achieved new monthly record output, while the two additional plants in Germany and Texas are ramping up production.
As always, it's difficult to forecast, but a market share of several percent within a year or two is definitely on the table.
Tesla's long-term target is to increase electric car sales - on average - by 50% year-over-year.
"We plan to grow our manufacturing capacity as quickly as possible. Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries. The rate of growth will depend on our equipment capacity, factory uptime, operational efficiency and the capacity and stability of the supply chain."
One thing that enables Tesla to quickly increase market share is that most of the market is struggling and notes a decrease in sales.
The entire automotive market appears to look like a rodeo right now and not all manufacturers are able to deal with parts supply constraints, inflation, lockdowns, stricter emission requirements, investments in electrification, autonomous driving and other challenges.
Meanwhile, Tesla celebrates 2 million electric cars produced in Fremont and soon will exceed 3 million units cumulatively, when counting all plants together. The total output today is already well above 1 million annually.