In Q4 2023, Tesla achieved a milestone with record-breaking global EV sales, yet its market share growth has slowed compared to previous periods. Tesla’s market share in the United States/Canada peaked at 4%, a historic high, but the growth trajectory appears nearly flat. Despite delivering over 1.8 million electric cars in 2023, a 38% YoY increase, the growth rate in Q4 was below 20%, and challenges are anticipated in 2024. Europe also saw a marginal dip in Tesla’s market share, potentially linked to Model Y price reductions. In China, Tesla continues to gain market share, though it lags behind Europe and the U.S./Canada. Looking ahead, Tesla acknowledges an expected “noticeably lower” growth rate in 2024, positioning itself between growth waves until the launch of the next-generation vehicle platform in 2025. The company emphasizes its long-term vision, having cumulatively sold around 5.5 million electric cars globally since 2008.
