Tesla has stated & warned at the start of 2024 that it expects ‘notably lower’ sales growth than in 2023. With a record 1.8 million Tesla vehicles sold in 2023 due in part to the Tesla price slash at the end of the year, this would mean that it would be reasonable to expect that sales growth would be difficult to match unless a price slash was implemented again. But there are other factors that Tesla has assigned blame for their predictions for 2024. We take a look at Tesla market insights from the start of the year as well as reviewing what Tesla expects to see which we will continue to monitor throughout the year.
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Tesla & Elon Musk’s Anticipation for the Market in 2024
Elon Musk has acknowledged that he feels that the Chinese market will “pretty much completely demolish other car companies in the world” unless there are serious trade regulations put into place on these companies. Regardless of this, Tesla told shareholders that it doesn’t expect significant figures in sales growth until new models are released to the public.
If you look at global figures, there are several Chinese companies producing EVs and their sales figures do support Musk’s claims. China has quickly become a global force in the EV market and in terms of overall automotive market share, it wouldn’t be a stretch for them to potentially be the 2nd largest exporter globally of passenger vehicles in the next few years. Chinese manufacturers have also moved to slash prices which also coincided with BYD outperforming Tesla as the world’s top-selling electric car manufacturer in Q4 2023.
The UK Market & Tesla Vehicles
Moving now to Europe & the UK market, 2023 saw increases in sales of electric vehicles overall but sales of ‘traditional’ combustion vehicles still held the top spot in terms of overall sales. Volkswagon was the top-selling manufacturer in 2023, with just over 162,000 cars registered in 2023. The top-selling car in the UK was the Ford Puma in 2023 so we haven’t seen a complete shift in terms of EVs vs traditional vehicles in 2023. Tesla saw overall sales in the UK at just over 85,000 which is an impressive number. But with the claims from Tesla and Musk, it will be interesting to keep an eye on the market and how Tesla sales perform in 2024.
Reviewing the Market in 2024
We will keep an eye on the market throughout 2024 and provide regular updates on how the market may change. Several factors may affect the market going forward which is why we will continue to monitor the market as well as any changes that do occur. With new models on the horizon and other aspects in the pipeline for Tesla, it will be highly interesting to see how the market progresses in 2024 and beyond.
Obtain a free valuation for your used Tesla today with our online valuation tool. We will offer you a guaranteed valuation for 48 hours and should all of the information provided be correct about the model and condition of your Tesla – we will purchase your Tesla at the agreed price. Use our free online valuation tool to arrange for a quote now.