America’s Best-Selling Electric Car: Tesla’s Model 3

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It’s official: Tesla’s new Model 3 is now the best-selling electric car in the U.S. reported Bloomberg.

Tesla Inc. released its production numbers for the first quarter 2018 on Tuesday.

The company said it delivered 8,180 Model 3s in the first three months of the year.

In comparison, Toyota Motor Corp delivered only 6,468 Prius Prime plug-in hybrid and while there were only 4,375 Chevy Bolt delivered by General Motors Co.

This makes Tesla’s Model 3s the most popular electric car in America.

And it is no small deal for Tesla, the decade-old car manufacturer that has set a new standard in on-the-road vehicles in America, and many other parts of the world.

The pioneer in electric vehicles should celebrate this success story as it has defeated – for now at least – the car giants that turned last century around with their popular guzzlers.

But it is still way behind companies like Ford Motor Co. which produced more Ford Escape SUV’s making it the most popular car model in America.

Tesla is facing numerous hurdles lately, with accidents pushing back the trust in driverless cars, a recall of its cars and a shortfall in its Model 3s production line.

But the company is soldiering on with great reviews from car magazines and even from Bloomberg.

Earlier this year, Bloomberg launched an experimental model to track Model 3 production using vehicle identification numbers (VINs).

“Our final estimate came in just 5 percent less than Tesla’s reported numbers, arguably validating the methodology. That’s not great news for Tesla fans, because our model suggests the company may have exaggerated its production capabilities at the end of last year.

“In the coming weeks, Tesla will need to prove that it can sustain and build upon the peak weekly production rates it just announced,” it said.

 

Some of the major takeaways from Tesla’s announcement: 

  • Tesla’s second-quarter forecast eases cash concerns. Tesla said it “won’t require an equity or debt raise this year, apart from standard credit lines.”
  • Total Model 3 production for the quarter was 9,766, compared with a final estimate of 9,285 made by the Bloomberg production tracker.
  • Tesla maintained its targets. Model 3: 5,000 cars produced each week by the end of the second quarter. Model S and X: 100,000 deliveries in 2018. Tesla foresees a rapid increase in production this quarter.