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Tesla Tops Luxury Sedan Sales In The US

Tesla Tops Luxury Sedan Sales In The US
2012 Tesla Model S Jack Snell / Flickr CC BY-ND 2.0

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Tesla Tops Luxury Sedan Sales In The US

When it comes to sales, Tesla is leading the pack as far as the luxury sedan market in the U.S. is concerned.

During the past few months, Tesla stores have been quite aggressive in pushing their current inventory. This has resulted in the electric vehicle manufacturer increasing its third quarter sales by as much as 59 percent when comparing its performance during the same period back in 2015.

According to an internal sales data and competitor information that has been compiled by Tesla, its Model S sold far better than the Mercedes Benz S-Class. In fact, it seems the sale for the latter has dropped by nine percent when compared to its sales performance during the same period in 2015.

Also Read: Tesla Update: Elon Musk Says No Discount On Sales

In a recent report from Bloomberg, it was revealed that Tesla founder and CEO Elon Musk had been aggressively pushing sales to help make the quarter significantly profitable before the company increases its spending. Tesla is currently in the process of acquiring SolarCity Corporation. Aside from that, the company is also expected to start delivering its much awaited Model 3 by next year.

For the third quarter, Tesla has managed to sell 9,156 units of Model S. It remains to be seen if it can beat its record during the last quarter of the year. Previously, Musk had revealed an internal email strictly discouraging the use of discount pricing to close car sales. It remains to be seen if this will impact the company’s ability to aggressively push its inventory.

Tesla is also hoping that sales for the $35,000 Model 3 would also be as successful as its Model S sales. During its unveiling back in March, Musk reported getting as much as 180,000 reservations for the Model 3 in just 24 hours. Musk also later estimated an expected sales of $7.5 billion should all Model 3 reservations go through.

Today, Tesla stock is up slightly by 0.705 percent to $201.51.

Also ReadTesla Gets A Downgrade, Stock Tumbles Down

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