Tesla's Market Share In US, Canada Is Up Again But Slowing Down

The progress is harder this year because the entire market is growing.

By: Mark Kane

Oct 23, 2023 at 8:45am ET

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During the third quarter of 2023, Tesla once again improved its market share in some of the largest car markets around the world.

According to the industry data (trailing by twelve months) highlighted by Tesla in its Q3 financial report, the brand's market share in the United States/Canada (counted together) is now basically at four percent, compared to less than 3.5 percent a year ago.

That's a new record, although the progress slowed down, which in part is related to the rebound of the overall market, which is also growing year-over-year.

Tesla is increasing sales in the U.S. (new registrations in the first eight months of the year increased by roughly 46 percent year-over-year) and should be able to continue to expand its market share in the near future.

The recent report does not include the Q3 result for Europe (data was not ready yet, as we understand). Three months ago, the company was increasing its market share in Europe relatively fast (faster than in North America), heading towards three percent.

Meanwhile, in China, Tesla noted a very tiny increase in market share (it remains at just over two percent). We guess that Q3 was affected by the introduction of the upgraded Tesla Model 3 Highland, which will enter the Chinese market in October. Depending on the demand, future quarters might bring the continuation of market share growth.

The third quarter was challenging for Tesla. The company explains that it "brought down several production lines for upgrades at various factories, which led to a sequential decline in production volumes."

The company delivered 435,059 electric cars during the period, which is 27 percent more than a year ago.

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Tesla reiterated that it expects to sell around 1.8 million vehicles in 2023, while its long-term target (since early 2021) is to increase electric car sales every year by 50% year-over-year.

Since 2008, Tesla cumulatively sold about five million electric cars globally, and its 12-month output amounted to 1.73 million annually (1.8 million annually, considering only Q2 and Q3).