Tesla’s market share continues to grow in key markets

The Tesla Q1 2022 results are out, which means it is time to look at some of the specifics.

As usual, Tesla provided a graph of overall market share in three key regions. China, Europe and US/Canada.

What is impressive with this graph is Tesla has steadily grown its overall market share since Q2 2018 in North America and since Q4 2018 in Europe and China.

The Q1 2022 numbers saw Tesla sell over 310,000 EVs, which has led to an even steeper increase in market share.

Currently, Tesla holds an over 2.5 per cent market share in the US and Canada.

While in Europe, Tesla is close to 1.8 per cent and in China, they are around 1.6 per cent.

Tesla looks to continue to increase EV sales. Even though its growth target is 50 per cent, Musk believes that Tesla could hit 60 per cent.

Below is an excerpt from the results.

“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, operational efficiency and the capacity and stability of the supply chain. Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022.”

Tesla is certainly growing, and even with mainstream automakers moving into the EV space. Saying that, the company should continue to see growth with the Cybertruck, Semi, and Roadster.

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