Tesla dominating the luxury sales market in the U.S.

Posted on October 19, 2022 by Peter McGuthrie

Tesla remains the leader in the luxury sector of the U.S. auto market, outpacing typical leaders BMW and Mercedes-Benz by a wide margin. Although Tesla doesn’t reveal its specific sales numbers, current estimates hold that the automaker outsold its next competitor in luxury vehicles by over 100,000 units — also a major win for the U.S. auto market.

Above: A Tesla Model Y. Photo: Craventure Media / Unsplash

The Automotive News Research and Data Center estimates that Tesla delivered 114,000 vehicles in Q3, representing a 47 percent increase year over year. Tesla leads the second best-seller, German automaker BMW, by about 112,050 vehicles, all while premium luxury car sales has increased throughout the year.

Total premium-brand sales amounted to 539,807 units in the third quarter for a 7.1 percent increase. Comparatively, the overall auto industry remained level in the quarter, showcasing the luxury sector’s growth over the year.

Luxury automakers are also seeing supply improvements, according to analyses from Cox Automotive. As of September 26, the data shows the average luxury dealer supply had increased to 47 days, up from last month’s average of 44 days.

Throughout the year, BMW and fellow German automaker Mercedes-Benz have been trading hands as the second-best sellers in the luxury sector, behind Tesla. Mercedes had trailed BMW for over a year, then rallied in the second quarter to take the second-place spot. In Q3, however, BMW took back the lead.

Tesla’s clinching of the top premium seller spot in the auto market likely precedes a decisive win for the year over the German companies, both of which have been key players in the U.S. market for more than a decade.

BMW only sold 6,900 electric vehicles in the U.S., with over 4,300 of the sales taking place in Q3. The automaker cited its U.S. factory in Spartanburg, South Carolina as part of why the company has accelerated its sales, and why it expects to grow throughout the rest of the year.

"We utilized our home field advantage," said Shaun Bugbee, BMW North America’s head of sales. "Our inventory position will improve for Q4."

Still, the automaker is a far cry from Tesla’s vehicle sales, with the Model Y leading sales in the U.S. and beyond. As the market heads into Q4, Tesla will also continue to ramp up production at its Gigafactory Texas facility opened earlier this year, and overseas at its other new factory, Giga Berlin.

Tesla will share its Q3 financial details on October 19 in an online earnings call on the company’s investor relations web page.

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Source: Automotive News

Posted in BMW, Luxury Vehicles, Mercedes-Benz, Tesla, U.S.


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