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  • I Love How Tesla Wreaks Havoc Among Automakers with Massive Price Cuts, Huge Sales Growth, Even Huger Production Growth, and Overcapacity

I Love How Tesla Wreaks Havoc Among Automakers with Massive Price Cuts, Huge Sales Growth, Even Huger Production Growth, and Overcapacity

April 24, 2023

by Wolf Richter Wolf Street

Shareholders hate it. It’s bitter medicine for the industry that pushed upscale and jacked up prices so average Americans can no longer buy new vehicles.

What Tesla has been doing is fascinating, and it’s wreaking havoc among the legacy automakers. Tesla shareholders hate it, and shares have sold off, though they are still ridiculously overpriced. And other automakers’ shares have sold off too.

Tesla’s deliveries continue to surge. In Q1, global deliveries jumped by 36% year-over-year, which is a huge increase. Its overall market share has exploded. In the US, its market share reached nearly 4%, having tripled since 2020. This came out of the hide of other automakers. In Q1, it delivered a record 422,875 vehicles globally.