Tesla outsells BMW and Lexus in the US despite falling stock values

Elon Musk might be onto something after all.

By Paige Reddinger 14/01/2019

For Elon Musk, 2018 was not a great year. But with the new year upon us, the cofounder of SpaceX and Tesla finally got some good news: Tesla is now America’s top premium automotive company, according to the latest sales figures.

On Wednesday, the company announced that it delivered more than 90,000 vehicles in the last quarter of 2018, which was an eight percent increase from the third quarter. Tesla sold 10,000 more cars and SUVs than BMW in Q4 and had already outpaced Mercedes-Benz in Q3, according to Forbes. The Model 3, an all-electric coupe that can go from zero to 100km/h in 1.9 seconds, was Tesla’s best-selling vehicle with 63,150 vehicles sold. It was followed by 13,500 sales of the Model S and 14,050 Model X cars.

Tesla had been losing money for almost the duration of its existence. Musk said the company has been shedding “sometimes US$100 million a week” in an interview with Lesley Stahl on 60 Minutes. The company was banking on the Model 3 to turn things around, but first it had to find a way to up its production. If the pressure was getting to Musk, he managed to turn things around when he created an ad hoc assembly line for in a tent in Tesla’s parking lot in just three weeks. That entrepreneurial “think on your feet” approach helped Tesla and its founder avert disaster.

Of course, Musk still faces an uphill battle with investors as he rolls into 2019. This week, Tesla’s stock plummeted yet again—this time because it tried to lower costs to consumers. The company cut the price of one of its EVs by US$2,000 to compensate U.S. customers for a diminished federal tax credit—which was recently cut in half from US$7,500 to US$3,750. The move sent the stock into a downward spiral.

Even when he’s doing something right, Musk can’t seem to win. But given Tesla’s latest sales figures, he may yet get the last laugh.

ADVERTISE WITH US

Subscribe to the Newsletter

Stay Connected

You may also like.

The New Porsche GTS Boxster and Cayman Commit To Driving Pleasure

With a six-speed manual transmission and new, naturally aspirated six-cylinder engine, the latest variants are sure to please purists.

By Marco Della Cava

20/01/2020

Bentley Farewells The Mulsanne With 6.75 Limited Edition

The company will produce a tight run of 30 as a fitting sendoff to the legendary model.

By Martin Lerma

16/01/2020

A Near-Pristine 1996 Porsche 911 Carrera RS Clubsport Could Be Yours

Limited to 100 examples, the RS Clubsport was meant for track driving.

By Bryan Hood

14/01/2020

Damon’s New Electric Motorcycle Is A Shapeshifter

Damon’s flagship electric motorcycle is really three bikes in one.

By Rachel Cormack

12/01/2020

The Porsche Taycan Is a Supercar Like No Other

Get behind the wheel of Porsche’s first foray into the electric future.

By Andrew Chesterton

10/01/2020

Buy the Magazine

Subscribe to Robb Report today!

Subscribe today

Stay Connected