I follow current industry news regularly, but I know that’s not exactly CC’s main mission. Nevertheless, it’s pretty fascinating to see Tesla not only taking the luxury brand crown so far this year, by a big margin and up 50% from 2021, but to also see that every other luxury brand is down from 2021. And the excuse that it’s all because of the supply chain issues is not working so well for me anymore.
I was interested in the cumulative losses (and gain for Tesla); it’s a negative 217k for all the brands except Tesla, which gained 116K.
Where did that 217k go?
Undoubtedly a good portion went to Tesla, and probably also to pickups, which the luxury brands don’t offer.
Undoubtedly a good portion went to Tesla, and probably also to pickups, which the luxury brands don’t offer. Given the very high transaction prices on pickups, they obviously compete with traditional luxury brands, which is why these categories mean less than ever. But clearly the luxury brands are hurting a bit.
On to EVs;
Not surprisingly, Tesla dominates the top ten, with all four of their five models in the top five. Only the Mustang Mach E is there, just barely outselling the much more expensive Model X. Meanwhile, the Model Y is becoming a major global phenomenon. It already is the globe’s highest revenue generating single model, and is on a trajectory to become the world’s best selling car, period, sometime in 2023, when it will snatch the crown from the Corolla.
Speaking of, Toyota is of course not on this list, as their only current EV, the bZ4X, had to be recalled because its wheels kept wanting to come off. Very embarrassing. The problem has been fixed, but Toyota has not yet even begun to ramp up its production to competitive levels. In fact, they recently announced that they were going to have to completely rethink their $38 billion EV strategy, because they’ve conceded that they grossly underestimated the growth of EV sales, and the bZ4X is too expensive to build because it was designed to be built alongside IC cars, and not in dedicated EV production facilities. They’re going to either have to redesign the new e-TGNA platform or create a new one. And to think that Toyota was once the darling of the green crowd with their hybrid Prius.
Hyundai Motor Group (Hyundai, Kia, Genesis) is #2 EV seller; their Ioniq5 and EV6 alone sold over 35k units, handily outselling Ford overall. Meanwhile, VW’s ID4 is lagging, down 8.5% and Porsche’s EVs are down 23%. But the real loser is Jaguar, down 71%. Their iPace is quickly becoming irrelevant.