Tesla sets sales record

Tesla is showing its resilience in the electric vehicle (EV) market by sustaining delivery numbers in a market hit by parts shortages and challenging economic conditions. 

However, the American company is also facing significant competition from traditional marques venturing into the EV sector.

Data acquired and calculated by London-based Finbold’s market analysis indicates that among leading EV manufacturers, Tesla delivered 310,048 units during the first quarter of 2022. 

That was 57 per cent of the 539,863 all-electric vehicles delivered by the world’s top 10 marques during that period.

Volkswagen ranked second with 99,100 registrations followed by BMW on 35,289. China’s Xpeng ranked fourth with 34,561, while Li Auto closed the top five with 31,716.

Other manufacturers with significant deliveries included Nio with 25,768, Rivian on 2,553, General Motors on 457 and Lucid Motors with 360.

Although Tesla is dominating the EV market, the company has been forced to adjust its goal to introduce more models, but it remains on course to increase sales.

Despite the record deliveries, Tesla remains uncertain about the future with chief executive officer Elon Musk, pictured, noting the chip shortage may bar it from introducing new models this year. 

However, the first-quarter results offer a glimpse of the company’s projections to grow annual deliveries by 50 per cent.

Tesla will be banking on ramping up production through new factories alongside market demand for its products.

The demand for EVs is being fuelled by factors such as rising petrol prices and more manufacturers entering the sector. However, Finbold’s report notes the high cost of various electric models may reduce the market’s growth.