Business Management SL

Internal Assessment

“To what extent has Tesla’s “S3XY” launch impacted on the company’s profitability?”

Session: November 2023

Word count: 0000

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 Declaration of authenticity

I declare that this is my original work, elaborated and utilized especially to fulfill the

purposes and objectives of the subject, and has not been previously submitted to any other

institution for other purposes. I also declare that the publications cited on this work have

been personally consulted.

June 12, 2023

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Index:

I. Introduction 4

II. Analysis and Discussion

- SWOT analysis 5

- Pricing strategies 6

- Ratio analysis 8

III. Conclusion

IV. References

V. Appendices

- Supporting document #1: 11

- Supporting document #2: 18

- Supporting document #3: 20

- Supporting document #4: 29

- Supporting document #5: 31

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 1. introduction:

If there is one electric car that is recognized all around the US, it would be the Tesla models.

Tesla was founded in 2003. It is an American company led by Elon Musk that designs,

manufactures and sells electric cars, electric vehicle propulsion components, solar roofs,

solar photovoltaic installations and home batteries. Tesla is the sixth company in the US to

reach 1 trillion on his market capitalization. In 2006 the company launched its first electric

car, a super sports car known as the Tesla Roadster. Then years later Tesla launched some

models such as model 3.

With the launch of the model 3 in 2016 Tesla had a potential increase in their profits. This is

an important fact that Tesla had to analyze. Just by launching 4 new cars, the company

doubled its sales and grew more than 50% in the company profitability. To what extent has

Tesla’s “S3XY” launch impacted on the company’s profitability?

(156 words)

To examine the impact of Tesla's "S3XY" launch on profitability, it was utilized market

SWOT analysis, pricing strategy evaluation, and a position map. The SWOT analysis will

provide a comprehensive overview of Tesla's internal strengths and weaknesses, as well as

external opportunities and threats. The pricing strategy evaluation will allow us to assess the

effectiveness of Tesla's pricing decisions and their impact on profitability. The ratio analysis

will help us visualize Tesla's profitability in the market post-launch. Supporting Document 1

and Supporting Document 2 will be used for the SWOT analysis, as they provide key

insights into Tesla's strategic position. Supporting Document 3 will be used for the pricing

strategy evaluation, as it contains relevant data on Tesla's pricing decisions. Finally,

Supporting Document 4 and Supporting Document 5 will be used for the ratio analysis, as

they provide information on Tesla's profitability and market position relative to its competitors.

These documents were chosen for their relevance to each component of our analysis,

ensuring a comprehensive and accurate evaluation.

(177 words)

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 2. Analysis and discussion

2.1 SWOT analysis

In order to understand the impact of Tesla's "S3XY" launch on the company's profitability, we

conducted a SWOT analysis. This analysis provides a comprehensive overview of the

company's strengths, weaknesses, opportunities, and threats, offering valuable insights into

Tesla's strategic position post-launch.

STRENGTHS WEAKNESSES

● Exceptional vehicle delivery ● Impact of price-slashing strategy on

performance (SD#3). margins (SD#1).
● Resilience amidst supply chain ● Slowing demand in China (SD#1,).
challenges (SD#2). ● Drop in stock value (SD#5).
● High revenue figures (SD#3). ● Underperformance in Q1 2023
(SD#1).

● Expansion in Europe (SD#4). ● Macroeconomic challenges (SD#1

● Workforce expansion (SD#5). and SD#2).
● Price adjustments (SD#3). ● Uncertain demand outlook (SD#1).
● Q3 2022 earnings (SD#2).

OPPORTUNITIES THREATS

Table#1 Tesla S3XY model swot analysis.

The SWOT analysis reveals that while Tesla has significant strengths and opportunities

following the "S3XY" launch, it also faces considerable challenges. These insights will be

instrumental in shaping strategic decisions to enhance profitability.

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2.2 pricing strategy analysis

Tesla, a leading player in the electric vehicle market, employs a variety of pricing strategies

to maintain its competitive edge and drive its market expansion. Many of these strategies are

applied after the company analyzes a swot, with that they can take the best opportunity to

increase with the best strategy. These strategies are tailored to reflect the company's

innovative technology, premium brand image, and the evolving dynamics of the electric

vehicle market. The pricing strategies that Tesla employs include price skimming,

penetration pricing, price discrimination, price leadership, and potentially aggressive pricing.

Each of these strategies plays a crucial role in Tesla's market positioning, customer appeal,

and ultimately, its profitability. In the following sections, we will delve into each of these

pricing strategies, exploring their implications for Tesla's business and their alignment with

the company's strengths, weaknesses, opportunities, and threats.

Price Skimming: Tesla has been known to employ a price skimming strategy, particularly

with its new product launches. For instance, the launch of the "S3XY" lineup, starting with a

very high price on the market, 3 years later were implemented with significant price

reductions across the Model S, Model Y, Model 3, and Model X variants (SD#2). This

strategy allows Tesla to initially set high prices for their new models, targeting early adopters

willing to pay a premium for the latest electric vehicle technology. As the market matures,

Tesla reduces the prices, making the vehicles more accessible to a broader customer base.

Figure#1 Price of models since January 2022

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Price Leadership: Tesla has shown price leadership in the electric vehicle market, setting

industry standards with its pricing strategies. The company's price reductions across the

"S3XY" lineup have influenced other manufacturers' pricing strategies. Despite high prices,

Tesla's vehicles have been well-received, with the Model Y and 3 becoming the best-selling

electric car of all time (SD#5). However, increasing competition in the electric vehicle market

could challenge Tesla's price leadership, pressuring the company to further reduce its prices.

Figure#2 Best sellers on electric car market

In conclusion, Tesla's pricing strategies play a crucial role in its market positioning and

profitability. The company's use of price skimming and price leadership strategies reflect its

innovative approach to market dynamics and customer segmentation. These strategies have

allowed Tesla to maintain its premium brand image, cater to a broad range of consumers,

and stay competitive in the rapidly evolving electric vehicle market. However, Tesla must

continue to adapt its pricing strategies in response to increasing competition, changing

market conditions, and evolving customer preferences to ensure its continued success.

2.3 Ratio analysis

Ratio analysis is a powerful tool used to assess a company's financial performance and

profitability. In the case of Tesla, the gross profit margin (GPM) and net profit margin (NPM)

were analyzed for the years 2019 to 2022.

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 Gross profit margin Net profit margin
(GPM) (NPM)
Year (Gross profit/Sales revenue) x 100 (Net income before interest and
tax/Net sales) x 100

2019 ($4,069 / $24,578) * 100 ≈ 16.59% (-$870 / $24,578) * 100 ≈ -3.54%

2020 ($6,630 / $31,536) * 100 ≈ 21.03% ($690 / $31,536) * 100 ≈ 2.19%

2021 ($13,606 / $53,823) * 100 ≈ 25.31% ($5,524 / $53,823) * 100 ≈ 10.27%

2022 ($20,853 / $81,462) * 100 ≈ 25.60% ($12,583 / $81,462) * 100 ≈ 15.45%

Table#2 Profitability ratios. in terms of millions of dollars (S)

Source: SD#4

The gross profit margin measures how efficiently a company generates profit from its

revenue after accounting for the cost of goods sold. Tesla's gross profit margin has shown an

increasing trend, reaching approximately 25.60% in 2022. This reflects improved profitability

and the company's ability to generate profits from its sales.

The net profit margin indicates the profitability of a company after considering all operating

expenses, interest, and taxes. Tesla's net profit margin has also increased over the years,

reaching approximately 15.45% in 2022. This signifies a healthy level of profitability.

The gross profit margin and net profit margin ratios provide insights into Tesla's profitability

and efficiency. These ratios can be compared to industry benchmarks or previous years'

performance to evaluate the company's financial health and competitiveness.

In relation to the other tools, the pricing strategies employed by Tesla, such as price

skimming and price leadership, contribute to maintaining higher gross profit margins. Tesla

initially sets higher prices for new models to target early adopters, gradually reducing prices

as the market matures. (SD#2)

The SWOT analysis reveals Tesla's strengths, such as exceptional delivery performance and

resilience, which positively impact profitability. Weaknesses and threats, such as the impact

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of price-slashing strategies and slowing demand in certain markets, may affect profitability

indicators.

By considering these analyses together, stakeholders can make informed decisions, identify

areas for improvement, and devise strategies to enhance profitability and sustain a

competitive advantage in the electric vehicle market.

In conclusion, the ratio analysis provides insights into Tesla's financial performance and

profitability. It complements the SWOT analysis and pricing strategy analysis, helping

evaluate profitability and its alignment with strategic objectives. These tools collectively

assist in assessing Tesla's profitability following the "S3XY" launch.

3. Conclusion

In conclusion, the analysis of Tesla's "S3XY" launch and its impact on profitability reveals

important insights. The SWOT analysis highlights Tesla's strengths, weaknesses,

opportunities, and threats, providing a comprehensive overview of the company's strategic

position post-launch. The pricing strategy analysis shows that Tesla's pricing strategies, such

as price skimming and price leadership, have played a crucial role in maintaining profitability

and market positioning. The ratio analysis demonstrates an upward trend in both the gross

profit margin and net profit margin, indicating improved profitability over the years.

The findings from these analyses highlight the interconnections between Tesla's strategies,

financial performance, and market dynamics. The pricing strategies align with Tesla's

strengths and contribute to higher gross profit margins, while the SWOT analysis sheds light

on challenges and opportunities that impact profitability. Additionally, the ratio analysis

provides quantitative evidence of Tesla's improved profitability.

Based on these findings, it can be concluded that Tesla's "S3XY" launch has had a positive

impact on the company's profitability. The strategic decisions, such as pricing strategies,

have contributed to increased profitability and market success. However, it is important for

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Tesla to continue adapting its strategies in response to evolving market conditions and

competition.

Overall, this assessment provides valuable insights into Tesla's financial performance and

strategic position, allowing stakeholders to make informed decisions and devise strategies to

enhance profitability and sustain a competitive advantage in the electric vehicle market.

Finally, in response to the research question “To what extent has Tesla’s “S3XY” launch

impacted on the company’s profitability?” Its evidence that the “S3XY” launch caused a

significant impact on Tesla profitability, increasing significantly the company income, sales,

among other factors.

Supporting Documents

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SD#1:

https://www.britannica.com/topic/Tesla-Motors/Tesla-under-Musk-Model-S-Model-3-and-Mod
el-Y

Tesla, Inc. - American company

Tesla, Inc., formerly (2003–17) Tesla Motors, American manufacturer of electric automobiles,
solar panels, and batteries for cars and home power storage. It was founded in 2003 by
American entrepreneurs Martin Eberhard and Marc Tarpenning and was named after
Serbian American inventor Nikola Tesla. It quickly became one of the most recognizable car
brands in the world.

Origins and the Roadster

Tesla Motors was formed to develop an electric sports car. Eberhard was Tesla’s chief
executive officer (CEO) and Tarpenning its chief financial officer (CFO). Funding for the
company was obtained from a variety of sources, most notably PayPal cofounder Elon
Musk, who contributed more than $30 million to the new venture and served as chairman of
the company, beginning in 2004.
In 2008 Tesla Motors released its first car, the completely electric Roadster. In company
tests, it achieved 245 miles (394 km) on a single charge, a range unprecedented for a
production electric car. Additional tests showed that its performance was comparable to that
of many gasoline-powered sports cars: the Roadster could accelerate from 0 to 60 miles (96
km) per hour in less than four seconds and could reach a top speed of 125 miles (200 km)
per hour. The lightweight car body was made of carbon fibre. The Roadster produced no
tailpipe emissions, as it did not use an internal-combustion engine. Tesla Motors found that
the car attained efficiency ratings that were equivalent to a gasoline mileage of 135 miles per
gallon (57 km per litre). The vehicle’s electric motor was powered by lithium-ion cells—often
used in laptop-computer batteries—that could be recharged from a standard electrical outlet.
Despite a federal tax credit of $7,500 for purchasing an electric vehicle, the Roadster’s cost
of $109,000 made it a luxury item.
In late 2007 Eberhard resigned as CEO and president of technology and joined the advisory
board of the company. It was announced in 2008 that he had left the company, though he
remained a shareholder. Tarpenning, who was vice president of electrical engineering,
supervising the development of electronic and software systems for the Roadster, also left

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the company in 2008. Musk took over as CEO. In 2010 Tesla’s initial public offering raised
some $226 million.

Tesla under Musk: Model S, Model 3, and Model Y

In 2012 Tesla stopped production of the Roadster to concentrate on its new Model S sedan,
which was acclaimed by automotive critics for its performance and design. It came with three
different battery options, which gave estimated ranges of 235 or 300 miles (379 or 483 km).
The battery option with the highest performance gave an acceleration of 0 to 60 miles (96
km) per hour in slightly more than four seconds and a top speed of 130 miles (209 km) per
hour. Unlike the Roadster, which carried its battery system at the back of the car, the Model
S had its underneath the floor, which gave extra storage space in back and improved
handling because of its low centre of gravity; this battery placement was used on later Tesla
models. The Tesla Autopilot, a form of semiautonomous driving, was made available in 2014
on the Model S (and later on other models).
Beginning in 2012, Tesla built stations called Superchargers in the United States and Europe
designed for charging batteries quickly and at no extra cost to Tesla owners. Later versions
of those stations also had the capability of complete replacement of the Model S battery
pack.
Tesla released the Model X, a “crossover” vehicle (i.e., a vehicle with features of a
sport-utility vehicle but built on a car chassis), in 2015. The Model X had a maximum battery
range of about 340 miles (547 km) and seating for up to seven.
Tesla began building large factories it called Gigafactories to produce batteries and vehicles.
The first such factory opened in 2016 outside Reno, Nevada. Gigafactories were opened in
Buffalo, New York, and Shanghai, China, and more Gigafactories were planned.
Because of demand for a more inexpensive vehicle, the Model 3, a four-door sedan with a
range of up to 353 miles (568 km) and a price of $35,000, began production in 2017. The car
had an all-glass roof, and most controls were on a 15-inch (38-cm) central touchscreen. The
Model 3 became Tesla’s best-selling model and the best-selling electric car of all time,
surpassing the Nissan Leaf.
The company also branched out into solar energy products. A line of batteries to store
electric power from solar energy for use in homes and businesses was unveiled in 2015.
Tesla bought the solar panel company SolarCity in 2016 and offered rooftop solar panels, a
solar roof with energy-generating tiles, and a large battery called the Powerwall to store the
power generated for use when the sun was not shining or as a backup in case of a power

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outage. In 2017 the company changed its name to Tesla, Inc., to reflect that it no longer sold
just cars.

The following year Musk made a series of tweets about taking Tesla private, claiming that he
had secured funding. In September 2018 the U.S. Securities and Exchange
Commission(SEC) charged him with securities fraud, alleging that his tweets were “false and
misleading.” Later that month Tesla’s board rejected a proposed settlement from the SEC,
reportedly after Musk threatened to resign. However, news of the rejected deal sent Tesla’s
stock plummeting, and the board quickly accepted a less generous settlement, the terms of
which included Musk stepping down as chairman for at least three years and that his tweets
were to be pre-approved by Tesla’s lawyers. However, he was allowed to remain as CEO. In
addition, both Tesla and Musk were fined $20 million.

Tesla released another crossover, the Model Y, in 2020. The Model Y was smaller and less
expensive than the Model X and shared many of the same parts with the Model 3. Sales of
the Model Y quickly became comparable to that of the Model 3, and Musk expressed
confidence that it would become Tesla’s best-selling model. Tesla announced several
models to be released early in the 2020s, including a second version of the Roadster, a
semi-trailer truck, and a pickup truck, the Cybertruck, which had a boxy angular design that
excited controversy when it was first unveiled.

electric car - vehicle

electric car, also called electric automobile, battery-powered motor vehicle, originating in the
late 1880s and used for private passenger, truck, and bus transportation.

Through the early period of the automotive industry until about 1920, electric cars were
competitive with petroleum-fueled cars, particularly as luxury cars for urban use and as
trucks for deliveries at closely related points, for which the relatively low speed and limited
range, until battery recharge, were not detrimental. Electrics, many of which were steered
with a tiller rather than a wheel, were especially popular for their quietness and low
maintenance costs. Ironically, the death knell of the electric car was first tolled by the
Kettering electrical self-starter, first used in 1912 Cadillacs and then increasingly in other
gasoline-engine cars. Mass production, led by Henry Ford, also reduced the cost of
nonelectrics. Electric trucks and buses survived into the 1920s, later than passenger cars,
especially in Europe.

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Electric car prototypes reappeared in the 1960s, when major U.S. manufacturers, faced with
the ultimate exhaustion of petroleum-based fuels and with immediate rising fuel costs from
the domination of Arab petroleum producers, once again began to develop electrics. Both
speed and range were increased, and newly developed fuel cells offered an alternative to
batteries, but by the mid-1980s electric cars had not yet become part of the automotive
industry’s output. Most industrial in-plant carrying and lifting vehicles, however, were
electrically powered.

Interest in electric cars rose in the late 1990s, partly because of concerns about climate
change. Toyota introduced the Prius, a hybrid capable of running both on battery power and
on gasoline, first in Japan in 1997 and then worldwide in 2000. The popularity of the Prius
led to the development of other hybrid vehicles, such as the Honda Insight (1999) and the
Chevrolet Volt(2011). In 2008 Tesla released its first car, the completely electric luxury sports
car Roadster, which could travel 394 km (245 miles) on a single charge. The success of the
Roadster and other Tesla models led to other car companies designing their own all-electric
vehicles, such as the Nissan LEAF (2010) and the RenaultZOE (2012). Many of the world’s
major car companies planned either to make mostly or only electric or hybrid cars or to stop
developing new car models with internal-combustion engines by the 2030s.

Elon Musk - American entrepreneur

Elon Musk, (born June 28, 1971, Pretoria, South Africa), South African-born American
entrepreneur who cofounded the electronic-payment firm PayPal and formed SpaceX, maker
of launch vehicles and spacecraft. He was also one of the first significant investors in, as
well as chief executive officer of, the electric car manufacturer Tesla. In addition, Musk
acquired Twitter in 2022.

Early life

Musk was born to a South African father and a Canadian mother. He displayed an early
talent for computers and entrepreneurship. At age 12 he created a video game and sold it to
a computer magazine. In 1988, after obtaining a Canadian passport, Musk left South Africa
because he was unwilling to support apartheid through compulsory military serviceand
because he sought the greater economic opportunities available in the United States.

PayPal and SpaceX

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Musk attended Queen’s University in Kingston, Ontario, and in 1992 he transferred to the
University of Pennsylvania, Philadelphia, where he received bachelor’s degrees in
physicsand economics in 1997. He enrolled in graduate school in physics at Stanford
University in California, but he left after only two days because he felt that the Internet had
much more potential to change society than work in physics. In 1995 he founded Zip2, a
company that provided maps and business directories to online newspapers. In 1999 Zip2
was bought by the computer manufacturer Compaq for $307 million, and Musk then founded
an online financial services company, X.com, which later became PayPal, which specialized
in transferring money online. The online auction eBay bought PayPal in 2002 for $1.5 billion.
Musk was long convinced that for life to survive, humanity has to become a multiplanet
species. However, he was dissatisfied with the great expense of rocket launchers. In 2002
he founded Space Exploration Technologies (SpaceX) to make more affordable rockets. Its
first two rockets were the Falcon 1 (first launched in 2006) and the larger Falcon 9 (first
launched in 2010), which were designed to cost much less than competing rockets. A third
rocket, the Falcon Heavy (first launched in 2018), was designed to carry 117,000 pounds
(53,000 kg) to orbit, nearly twice as much as its largest competitor, the Boeing Company’s
Delta IV Heavy, for one-third the cost. SpaceX has announced the successor to the Falcon 9
and the Falcon Heavy: the Super Heavy–Starship system. The Super Heavy first stage
would be capable of lifting 100,000 kg (220,000 pounds) to low Earth orbit. The payload
would be the Starship, a spacecraft designed for providing fast transportation between cities
on Earth and building bases on the Moon and Mars. SpaceX also developed the Dragon
spacecraft, which carries supplies to the International Space Station (ISS). Dragon can carry
as many as seven astronauts, and it had a crewed flight carrying astronauts Doug Hurley
and Robert Behnken to the ISS in 2020. The first test flights of the Super Heavy–Starship
system launched in 2020. In addition to being CEO of SpaceX, Musk was also chief designer
in building the Falcon rockets, Dragon, and Starship. SpaceX is contracted to build the
lander for the astronauts returning to the Moon by 2025 as part of NASA’s Artemis space
program.

Tesla

Musk had long been interested in the possibilities of electric cars, and in 2004 he became
one of the major funders of Tesla Motors (later renamed Tesla), an electric car company
founded by entrepreneurs Martin Eberhard and Marc Tarpenning. In 2006 Tesla introduced
its first car, the Roadster, which could travel 245 miles (394 km) on a single charge. Unlike

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most previous electric vehicles, which Musk thought were stodgy and uninteresting, it was a
sports car that could go from 0 to 60 miles (97 km) per hour in less than four seconds. In
2010 the company’s initial public offering raised about $226 million. Two years later Tesla
introduced the Model S sedan, which was acclaimed by automotive critics for its
performance and design. The company won further praise for its Model X luxury SUV, which
went on the market in 2015. The Model 3, a less-expensive vehicle, went into production in
2017 and became the best-selling electric car of all time.
Dissatisfied with the projected cost ($68 billion) of a high-speed rail system in California,
Musk in 2013 proposed an alternate faster system, the Hyperloop, a pneumatic tube in
which a pod carrying 28 passengers would travel the 350 miles (560 km) between Los
Angeles and San Francisco in 35 minutes at a top speed of 760 miles (1,220 km) per hour,
nearly the speed of sound. Musk claimed that the Hyperloop would cost only $6 billion and
that, with the pods departing every two minutes on average, the system could accommodate
the six million people who travel that route every year. However, he stated, between running
SpaceX and Tesla, he could not devote time to the Hyperloop’s development.

Twitter

Musk joined the social media service Twitter in 2009, and, as @elonmusk, he became one of
the most popular accounts on the site, with more than 85 million followers as of 2022. He
expressed reservations about Tesla’s being publicly traded, and in August 2018 he made a
series of tweets about taking the company private at a value of $420 per share, noting that
he had “secured funding.” (The value of $420 was seen as a joking reference to April 20, a
day celebrated by devotees of cannabis.) The following month the U.S. Securities and
Exchange Commission (SEC) sued Musk for securities fraud, alleging that the tweets were
“false and misleading.” Shortly thereafter Tesla’s board rejected the SEC’s proposed
settlement, reportedly because Musk had threatened to resign. However, the news sent
Tesla stock plummeting, and a harsher deal was ultimately accepted. Its terms included
Musk’s stepping down as chairman for three years, though he was allowed to continue as
CEO; his tweets were to be preapproved by Tesla lawyers, and fines of $20 million for both
Tesla and Musk were levied.

Musk was critical of Twitter’s commitment to principles of free speech, in light of the
company’s content-moderation policies. Early in April 2022, Twitter’s filings with the SEC
disclosed that Musk had bought more than 9 percent of the company. Shortly thereafter
Twitter announced that Musk would join the company’s board, but Musk decided against that

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and made a bid for the entire company, at a value of $54.20 a share, for $44 billion. Twitter’s
board accepted the deal, which would make him sole owner of the company. Musk stated
that his plans for the company included “enhancing the product with new features, making
the algorithms open source to increase trust, defeating the spam bots, and authenticating all
humans.” In July 2022 Musk announced that he was withdrawing his bid, stating that Twitter
had not provided sufficient information about bot accounts and claiming that the company
was in “material breach of multiple provisions” of the purchase agreement. Bret Taylor, the
chair of Twitter’s board of directors, responded by saying that the company was “committed
to closing the transaction on the price and terms agreed upon with Mr. Musk.” Twitter sued
Musk to force him to buy the company. In September 2022, Twitter’s shareholders voted to
accept Musk’s offer. Facing a legal battle, Musk ultimately proceeded with the deal, and it
was completed in October.

SD#2

https://www.teslarati.com/tesla-s3xy-lineup-fresh-price-cuts/

Tesla implements fresh round of price reductions for its Model S3XY lineup

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Tesla’s Model S Dual Motor AWD, for example, saw a significant price drop from $89,990 to
$84,990, a reduction of $5,000. The Model S Plaid, Tesla’s top-of-the-line performance
sedan, also received a price reduction of $5,000, bringing its cost down from $109,990 to
$104,990. At their current prices, the Model S has the potential to be the best
bang-for-the-buck premium electric sedan, considering its performance and tech.

In the Model 3 lineup, the RWD variant saw a price adjustment from $42,990 to $41,990, a
decrease of $1,000. The Model 3 Performance, known for being a track-capable sedan with
its dedicated Track Mode, saw a price drop from $53,990 to $52,990. The price adjustments
would likely broaden the appeal of the Model 3 to potential buyers and incentivize
consumers to purchase the car ahead of Project Highland’s rollout.

Tesla’s Model X Dual Motor AWD, the company’s flagship SUV, had its price reduced from
$99,990 to $94,990, a drop of $5,000. The Model X Plaid, the performance-oriented version
of the vehicle, saw its cost reduced from $109,990 to $104,990. This price reduction may
attract more buyers interested in an electric SUV that offers both exceptional performance
and bleeding-edge tech.

The Model Y lineup saw its price get reduced by $2,000, with the apparent 4680 AWD
variant now costing $49,990 from $51,990. The Model Y Long Range saw its price decrease
from $54,990 to $52,990, and the Model Y Performance saw its price reduced from $58,990
to $56,990. These price reductions could make the Model Y even more appealing to
potential buyers seeking an electric crossover with compelling features.

During the Q1 and FY 2022 Earnings Call, CEO Elon Musk and other Tesla executives noted
that the aggressive price cuts in the first quarter resulted in increased demand for the
company’s vehicle lineup. This new round of price reductions may have a relatively similar
effect on demand this second quarter.

Tesla remains a dominant force in the EV sector. And as the company continues to refine its
production processes and technology, the EV maker could implement further price
reductions to strengthen its competitive advantage in the automotive sector. Overall, it would
not be surprising if Tesla implements more price adjustments to its vehicles in the coming
months, which could very well help the company reach its ambitious delivery goals this 2023.

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SD#3

https://www.investing.com/academy/statistics/tesla-facts/

Tesla Growth and Production Statistics: How Many Vehicles Are Sold Across the Globe?

Tesla (TSLA) was founded in 2003 and named after the 19th-century inventor Nikola Tesla,

famous for discovering the properties of rotating electromagnetic fields. Although Elon Musk

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is now inextricably linked with Tesla, he only joined the company a year after its inception.

He invested $30 million into Tesla, became the chairman of its Board of Directors, and

helped raise money from Google’s founders several years later.

The prototype for the Tesla Roadster, the company’s first electric car, was unveiled in 2006

and entered production in 2008. Through June 2009, 500 Roadsters were sold for $98,000

apiece.

In 2017, Tesla tapped into the mainstream market by launching its Model 3 vehicle, which

became the world’s most popular plug-in electric car in 2020, with worldwide unit sales of

roughly 501,000 in 2021. Between January and March 2022, Tesla broke its own delivery

record, when its car deliveries crossed the 310,000-unit threshold.

Tesla Statistics for 2021-2022

● Tesla earned $53.8 billion in revenue in 2021.

● Tesla’s market cap peaked to $1.23T in November, 2021

● Tesla’s revenue was $22.35 billion in Q1 and Q2, 2021.

● Tesla delivered 938,172 vehicles in 2021.

● The Tesla Model 3 had 501,000 unit sales worldwide in 2021.

● Deliveries of Tesla’s Model 3 and Model Y accounted for 97% of Tesla’s sales volume

in 2021.

● Tesla manufactured 386,759 EVs in Q1 and Q2, 2021.

● Tesla sold 473,078 vehicles in China in 2021.

● There were 3,724 Tesla supercharger stations globally in Q1, 2022.

● Tesla sold more than 310,000 vehicles in Q1, 2022.

● Tesla’s vehicle deliveries amounted to 254,700 units in Q2, 2022.

● Tesla earned $16.934 billion in the quarter ending June 30, 2022.

● Tesla’s revenue for the 12 months ending June 30, 2022, was $67.166 billion.

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 ● Tesla employs 99,920 people worldwide.

Tesla Top Picks Statistics Since Inception:

● Tesla has sold 1,917,450 units since its beginning.

● Tesla has made 1,091,000 EVs since 2009.

● Tesla’s Model 3 was the first electric car to have more than 1 million sales.

● Tesla’s Model Y sold 80,000 vehicles in 2020.

● In 2013, Tesla’s Model S was the first EV to receive the Car of the Year Award from

Motor Trend.

● Tesla’s Model X was named the safest SUV in the EV market in 2015.

What Is Tesla’s Annual Revenue?

Tesla earned $53.8 billion in sales revenue in 2021. This was up from $31.5 billionearned in

2020, with a 70.64% growth in sales during 2021. In 2022, Tesla remains the largest EV

manufacturer in terms of revenue and market share, followed by Volkswagen.

Tesla sold more than 310,000 vehicles in Q1, 2022, and its vehicle deliveries amounted to

254,700 units in Q2, 2022. Tesla’s revenue for the quarter ending June 30, 2022, was

$16.934 billion, a 41.61% increase year-over-year. Tesla’s revenue for the twelve months

ending June 30, 2022, was $67.166 billion, a 60.45% increase year-over-year.

Tesla’s revenue for the third quarter of 2022 was $21.454 billion, while in the fourth quarter

year it earned $24.32 billion, constituting an increase of 37.24% year-over-year. Its revenue

for the twelve months ending December 31, 2022, was $81.462 billion, which amounts to a

51.35% growth year-over-year. In 2022, the company’s hourly revenue amounted to

$8,703,704; in 2012, it made ‘only’ $13,981 per hour.

Tesla Q3 Earnings 2022

Tesla reported third-quarter earnings after the bell on Wednesday, October 19, 2022 (See:

Tesla Earnings Report), with shares falling by more than 4% after hours after the results

crossed. The EV maker beat on the bottom line but missed on the top line. Tesla reported

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Q3 EPS of $1.05, $0.02 better than the analyst estimate of $1.03. Revenue rose 56% to

$21.45 billion versus the consensus estimate of $22.5 billion.

Tesla’s awful quarter is the latest sign that growing macroeconomic uncertainty is having

some impact on demand for its electric vehicles. Coming out of 3Q earnings, we have

decreased conviction in Tesla’s ability to accelerate revenue growth, expand operating

margins, and increase free cash flow.”

Tesla Q4 Earnings 2022

Tesla reported its fourth-quarter earnings on Wednesday, January 25, 2023, beating on both

earnings and revenue. Tesla reported automotive revenue of $21.3 billion in the quarter,

representing 33% growth year-over-year.

Tesla’s solid quarter is the latest sign that it has done an outstanding job navigating through

global supply chain and logistics challenges, weathering the storm better than most legacy

automakers. With that being said, the EV maker faces several near-term headwinds,

including persistently high inflation, a looming economic slowdown, as well as the ongoing

global chip shortage, and various supply chain issues.”

Tesla Q1 Earnings 2023

Tesla reported its 2023 first-quarter earnings on Wednesday, April 19, with EPS of $0.85,

$0.01 worse than the analyst estimate of $0.86. Revenue for the quarter came in at $23.3B

versus the consensus estimate of $23.78B.

Tesla’s underwhelming quarter is the latest sign that growing macroeconomic uncertainty is

having some impact on demand for its electric vehicles. The company’s operating margins

took a big hit due to the negative impact of its price-slashing strategy. The EV maker faces

several near-term headwinds, including persistently high inflation, a looming economic

slowdown, as well as ongoing supply chain issues. Tesla’s worrying China sales figures

indicate demand for its vehicles is slowing more than expected in the face of rising

competition from local EV companies. The uncertain demand outlook puts it in danger of

missing 50% growth in deliveries for the year. Coming out of Q1 earnings, we have

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decreased conviction in TSLA’s ability to accelerate revenue growth and expand operating

margins.”

Tesla’s Achievements in 2022

While other automakers delivered their worst sales figures in a decade, Tesla’s delivery

statistics were praiseworthy in 2022. The company delivered 1,313,851 vehicles to

customers worldwide and, in so doing, increased its deliveries by 40% in comparison to the

previous year. It also produced 47% more cars in 2022 compared to 2021.

By selling 491,000 vehicles in America, Tesla won the US luxury sales leader title. It left

behind BMW, which had worn this crown for the last three years but sold only 332,388 cars

in the United States in 2022 and was thus relegated to second place. With 286,764 cars

sold, Mercedez-Benz came third, followed by Lexus, whose sales totaled 258,704 vehicles in

2022. And not only did Tesla outshine these brands, but it also became the first American

automaker to top the list in a quarter century.

There is also another point to Tesla’s credit. Because Tesla produces its cars on American

soil, in California and Texas, it strengthens American automaking. With Elon Musk, American

car manufacturing has made a spectacular comeback.

In 2022, Tesla also expanded its international factories. In March, the first Tesla vehicles

were produced in Germany at the newly opened Giga Berlin. Musk’s idea is to turn Giga

Berlin into a European crown jewel. The factory in China was also updated to manufacture

as many as 750,000 Model 3 and Model Y electric cars annually. During 2022, Tesla

installed the capacity, across all of its factories, to produce 100,000 Model S and X vehicles

per year, together with 1.8 million Model Y and Model 3 vehicles.

In late 2022, Tesla cut prices on its cars around the world. Model 3 and Model Y vehicles in

Australia, France, Germany, the Netherlands, Norway, Switzerland, and the United Kingdom

became less expensive. By enabling more people to purchase its cars, Tesla accelerated the

world’s transition to sustainable energy.

How Many Tesla Vehicles Are Sold Each Year?

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Tesla’s annual production rates have steadily been increasing. In 2014, the company made

only 35,000 vehicles. In the first half of 2021, Tesla produced 386,759 cars, with 184,877

vehicles delivered in Q1 and 201,304 in Q2. Overall, in 2021, Tesla produced 930,422 EVs

and delivered 936,222, thereby setting a new record. Compared to 2020, these numbers

suggest a year-over-year growth of 82.5%.

There were 906,032 Model 3/Y vehicles produced, which constituted a growth of 99%,

compared to 2020. In the same year, Tesla produced 24,390 Model S/X cars, 56% less

year-over-year. The deliveries of the latter model were also 56% down by comparison to

2020, standing at 24,980 vehicles. Deliveries of the Tesla Model 3/Y amounted to911,242,

which was 106% higher than in 2020.

In the first and the second quarters of this year, Tesla made 564,750 vehicles. Analysts

predict that Tesla’s rapid growth can accelerate in the third quarter and beyond. Speaking at

the annual shareholder meeting, Elon Musk mentioned the company’s future production

plans, saying that by the end of 2022, Tesla might reach an annual production run rate of 2

million vehicles:

“We’re aiming to achieve a 2 million vehicle run-rate by the end of the year… Thanks to the

hard work of the Tesla team, we’ve already been able to achieve a 1.5 million unitannualized

run rate. And depending on how the rest of this year goes, I think we might get close to, or

will get approximately at the 1.5 million mark, and will be exiting the year at a 2 million-unit

run-rate,” Musk said.

In the fourth quarter of 2022, Tesla delivered nearly 405,300 units. Its quarterly deliveries

grew by 17.87% during this quarter, compared to the same quarter of 2021. Between

November and December 2022, Tesla’s deliveries crossed the 405,000 unit mark, setting a

new record. The deliveries in the third quarter of 2022 totaled 343,000. Overall, in 2022,

Tesla delivered 1,313,851 and produced 1,369,611 units. Since 2018, Tesla has delivered

3,382,821 and has produced 3,429,532 cars.

The company also said that the factory in Shanghai allows it to manufacture 750,000 Model

3 and Model Y electric vehicles a year. The production capacity of Tesla’s factory in

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California lets it annually make 100,000 more expensive Model S and Model X cars together

with 550,000 of its Model 3 and Model Y vehicles. The company’s Texas factory can produce

250,000 Model Y vehicles annually, and so can its factory in Germany.

Tesla’s 2022 Year-End Vehicle Production and Delivery

Tesla opened the new year by publishing its fourth-quarter vehicle production and 2022

delivery report on January 3, 2023. Total annual deliveries reached a new record of 1.31

million, increasing by 47% compared to the last year. Total annual production hit 1.37 million.

The most popular vehicle of the year proved Model 3s, comprising over 95% of produced

and delivered cars.

The Q4 deliveries and production could have been more impressive. Their numbers fell short

of analysts’ consensus, who expected Tesla to deliver around 427,000 cars. Contrary to

analysts’ predictions, Tesla delivered 405,278 vehicles and produced 439,000 cars in the

fourth quarter. The period ending December 31, 2022, was challenging for the company

because of Covid outbreaks in China, leading to reduced production at its Shanghai factory.

Yet Elon Musk sounded optimistic when he said he expected to achieve “50% average

annual growth in vehicle deliveries over a multi-year horizon.”

How Many Tesla Vehicles Are Sold by Country?

Tesla sold and delivered the majority of its vehicles in China in 2021. Of these electric cars,

478,078 were made in Tesla’s production facility, Gigafactory Shanghai. From its American

facilities, Gigafactory Texas and Gigafactory California, Tesla sold 301,998vehicles.

The company is gaining popularity in Europe. In 2021, it sold 169,507 vehicles in European

countries, where the Tesla Model 3 was named Europe’s favorite electric vehicle. In 2019,

the Netherlands bought the largest number of Tesla cars among European countries –

30,911 vehicles. Norway and Germany followed the Netherlands’ example with 18,798 and

10,711 cars purchased respectively.

In Europe, the annual sales of Tesla have been showing the following upward trajectory

since 2012:

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In the United States, Tesla was the first manufacturer to reach 200,000 cumulative sales of

electric vehicles, arriving at the end of its government subsidy cap of $,5000 per sold car. In

other words, since January 2020, no Tesla vehicle sold in the USA has received any subsidy.

The annual sales of Tesla vehicles in the US were as follows:

Tesla started the production of its vehicles in China in 2018. In January 2020, Tesla’s

Chinese Gigafactory started the output of the Tesla Model 3 Sedan and batteries. The

production of the Tesla Model Y began on the Chinese mainland in 2021.

Annual sales of Tesla cars in China boast the following climbing trajectory:

How Many Tesla Charging Stations Exist?

At the beginning of 2022, there were 3,724 Tesla Supercharger stations around the world.

Tesla’s Superchargers, that is, charging stations, are scattered across cities and towns to

enable Tesla’s owners to charge their vehicles in fifteen minutes. As Tesla’s sales increased,

the company made an all-out effort to provide people with charging stations. From July 2018

to July 2021, Tesla has added 1,652 new Supercharger stations.

In the last quarter of 2021, Tesla operated 3,059 Supercharger stations in over forty

countries. From July 2019 to July 2021, the number of charging stations for Tesla electronic

vehicles has grown by 86.07%.

The table below shows the number of Supercharger locations from January 2013 to

December 2022:

In October 2021, the majority of Tesla Superchargers were located in the United States of

America and China. These two countries together account for 65.53% of all Tesla charging

stations and between them have 2005 Superchargers: the USA boasts 1159 Tesla charging

facilities, which is 37.88% of all locations, and China has 846 of them, which amounts to

27.65% of all Superchargers. Canada has 125 or 4.08% of all Tesla’s Supercharger

locations.

As of October 2021, forty European countries had Tesla Supercharger stations, with 86.6%

of facilities found in just 10 countries, as shown in the table below:

How Many Days Does It Take Tesla to Supply Its Vehicles?

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Tesla has become more efficient in delivering vehicles to buyers. While six years ago, it took

the company almost a month to deliver a car, now customers receive them within a week.

Here is a table reflecting the downward trend in Tesla’s supply times:

How Many Manufacturing Facilities Does Tesla Have?

Tesla’s electric vehicles are produced in three countries: the United States, China, and

Germany. There are six manufacturing facilities spread across these countries. Out of these

six facilities, four have already been fully operational for several years. In addition to its

original Fremont Factory located in California, Tesla added three more operating

manufacturing facilities: Gigafactory Nevada, Gigafactory New York, and Gigafactory

Shanghai in 2016, 2017, and 2018 respectively. Across its Fremont and Shanghai locations,

Tesla has installed an annual production capacity of 1.5 million cars.

Tesla’s Gigafactory Berlin-Brandenburg was officially opened in Germany on March 22,

2022. The factory is designed to produce batteries, battery packs, and powertrains to be

used in Tesla vehicles. As the Tesla Model Y vehicle was also planned to be assembled in

this factory, the first Model Y Performance with 2170-cells was produced in April 2022.

Gigafactory Texas, located near Austin, Texas, started the limited production of Model Y at

the end of 2021. The first deliveries of electric vehicles built at this factory took place on April

7, 2022. Gigafactory Texas is also planned to become the main place for the production of

Tesla Cybertruck and the Tesla Semi and will serve as the site of Tesla’s corporate

headquarters. It is the second biggest factory by size in the United States and the second

largest building in the world by volume.

How Many Employees Does Tesla Have?

At the beginning of 2022, Tesla employeed a total of 99,920 workers. Just a year ago, the

company had 70,757 full-time employees, which constituted 47.36% growth since 2019.

Between 2019 and 2021, Tesla added 22,741 new employees. Since 2020, the company

has employed 40% more people.

Earlier years saw a decline in the number of employees at Tesla’s facilities. Between 2018

and 2019, the number of people working for Tesla was reduced, causing its worldwide staff

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to shrink from 48,817 in 2018 to 48,016 in 2019. The year 2018 was more successful: it saw

an increase of 30.03% from 2017. At present, Tesla is planning to employ 100,000 people in

its plants worldwide, though this number does not include part-time employees. Therefore,

there will be many more people working for Tesla. As of December 2022, Tesla had 99,920

employees.

How Many Engineers Work for Tesla?

Elon Musk stated in 2020 that Tesla employed 100 hardware engineers, 200 software

engineers, and 500 engineers working on the FSD and Autopilot systems of Tesla vehicles.

Tesla’s website explains that the company’s software engineers develop, debug, and deploy

the software used in Tesla’s electronic vehicles.

Conclusion

These are some statistics describing the state of affairs at one of the most promising EV

companies in 2022. Although Tesla’s stock has dropped from its all-time high of $1229.91

reached on November 04, 2021, it is still high. As of writing, Tesla is trading at $890.00.

Considering that in 2011, TSLA shares cost a mere $4.92, the company has done

exceptionally well since its inception. Although Tesla faces tough competition from other

automakers, some of its EVs are on top of the electric vehicle market. It is the only company

that simultaneously has several top-selling cars, such as Tesla Model Y (32.9%market

share) and Tesla Model 3 (22.6%) and, therefore, might easily outclass and outsell other

producers of electric vehicles.

SD#4

https://www.wsj.com/market-data/quotes/TSLA/financials/annual/income-statement

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SD#5

https://www.edmunds.com/electric-car/articles/top-electric-car-companies.html

Top Electric Car Companies of 2023

Your guide to choosing the best EV brands

Electric vehicle sales hit a record high in 2022, and with more models hitting the market
every year, the trend is likely to continue. Nearly every major automaker offers an EV, while
others only sell electric vehicles. But with this many manufacturers to choose from, shoppers
might wonder, "What are the top electric car companies I should consider?"
The experts at Edmunds have gathered and ranked the top 10 electric car companies, listing
the more notable models, highlighting some of their features, and discussing any important
partnerships they might have. Our list was ranked using the following variables: the
popularity of the brand in the market, sales numbers, the number of EV models and our
expert vehicle rankings. This isn't an exact science, so your choices might differ from ours.
But this should give you a good starting point from where to begin the search for your next
EV.
1. Tesla Motors
Tesla Motors was responsible for breaking the EV market open for widespread adoption, and
it's currently the most popular electric car maker by a healthy margin. While the Tesla
Roadster was the first to arrive, it was the more practical Model S sedan that took the
automaker to the next level. It established many Tesla hallmarks, from the large infotainment
tablet to long battery range to seat-pinning acceleration.
Next came the Tesla Model X — Tesla's first SUV and still one of the only EVs with seating
for up to seven passengers. The signature falcon-wing rear doors looked cool but ended up
being problematic, as they would sometimes open at odd angles and prevented owners from
mounting objects on the roof. Still, the Model X is one of the top-selling Tesla models to date.
The Model 3 sedan was Tesla's attempt at making an inexpensive electric car for the
masses. It was the first Tesla to adopt the company's spartan interior philosophy: Use as few
buttons as possible and allow the central touchscreen to handle most controls. That screen
features a vertical layout, as opposed to the horizontal screens on the S and X. Initially, the
Model 3 was advertised with a starting price of $35,000. The first versions, though, not only
cost roughly $20,000 more, but the Standard Range Model 3 ended up becoming a rarity.
Only a small number were ever produced and they were fairly difficult to order (as we found
out when we added a $35,000 Model 3 to our long-term fleet). These days, a Model 3 starts

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around $44,000 before federal tax credits. In late 2019, Tesla released a compact SUV
called the Model Y. It was based on the Model 3 and looked nearly identical, except it had a
hatch in the rear and added cargo space.
Tesla is also in the process of manufacturing and delivering the electric Semi Truck for
commercial applications, while an all-new Roadster and the sci-fi-inspired Cybertruck are
claimed to be coming in the future. The Cybertruck is the automaker's first attempt at an
electric pickup; time will tell if its bold styling and features are more for looks or utility.
Tesla's Supercharger network is perhaps one of the company's biggest accomplishments.
The Superchargers are a series of DC fast-charging stations that are easy to use, well
maintained and widely available throughout the U.S., and they allow Tesla owners to take
road trips around the country. The Supercharger network was initially exclusive to Tesla
owners, but Tesla has since begun opening up the network to non-Tesla EVs. The charging
process isn't as easy for non-Tesla owners, however, and it typically costs more for other
EVs to use the network.
2. Ford Motor Company
Ford dipped its toes into the EV world with the Ford Focus Electric, but it had a short range
— up to 115 miles in later model years. Ford made a bigger splash with the introduction of
the Mustang Mach-E for the 2021 model year. The adoption of the Mustang name by an
electric SUV initially riled up Mustang purists, but once the dust settled, the Mach-E proved
to be one of our favorite EVs. It went on to win the Edmunds Top Rated Luxury EV award for
2021.
Ford followed up the excellent Mach-E with another home run, the F-150 Lightning. Taking a
page out of the same playbook, the F-150 Lightning borrowed its name from the
gas-powered performance F-150 SVT Lightning pickup of the late 1990s to early 2000s. The
all-electric Lightning paired the utility and power of the F-150 truck with a quieter
zero-emissions electric motor. Our editors liked the F-150 so much, we gave it the Edmunds
Top Rated Best of the Best award for 2023.
In 2020, Ford announced that it partnered with Volkswagen to collaborate on EVs for the
European market. Ford's luxury arm, Lincoln, has not yet formally announced a
production-bound electric vehicle.
3. General Motors
General Motors got its start making modern EVs in the late 1990s with the infamous EV1. It
was a small electric car that was perhaps ahead of its time given that neither the market nor
the charging infrastructure existed. It was also too costly for GM to make a profit. Fast
forward to 2017, when the automaker launched the Chevrolet Bolt EV. The Bolt's timing was
much better — it came onto the market after the success of the low-cost Nissan Leaf and
groundbreaking Tesla Model S, both of which proved consumers were coming around on

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electric vehicles. The Bolt EV offered over 200 miles of range, a useful cargo area and an
affordable price tag. The initial starting price was advertised at $30,000 with the $7,500
federal tax credit factored in. It wasn't the coolest EV on the road, but it was a solid option for
those who wanted a long-range EV. Crucially, it beat the Tesla Model 3 to market by several
months. The Bolt has been steadily updated over the years, and it has gained more range
and a refreshed interior and exterior since its introduction. It even has an SUV spinoff called
the Bolt EUV, which gives up a few miles of range in exchange for more room and more
up-to-date tech features. Edmunds has recognized the Bolt's value and named it the
Edmunds Top Rated Electric Car for 2023. Chevy has several other EVs on the horizon,
including the compact Equinox EV and the midsize Blazer EV sport-utility vehicles and the
full-size Silverado EV pickup. These upcoming vehicles are built on GM's Ultium platform,
which is a modular battery architecture that allows GM to create dedicated EVs of different
sizes.
The GMC Hummer EV is positioned as a "halo car" that gets people excited about the
possibilities of EVs. The Hummer EV pickup and its Hummer EV SUV variant are impressive
showcases of GM's technology. Both offer serious off-road capability, a tech-heavy interior
and extremely powerful electric motors. (The limited-run Hummer EV Edition 1 produced a
stonking 1,000 horsepower.) But these supertrucks also suffer from traditional Hummer
drawbacks, such as immense weight, substantial cost and inefficient powertrains.
Cadillac, GM's luxury brand, has a pair of noteworthy EVs to keep an eye out for. The
Cadillac Lyriq is the brand's first electric vehicle. It is classified as a small SUV, but its
elongated proportions give it a wagon-like appearance. In the near future, Cadillac is looking
to release a high-end electric sedan called the Celestiq. This built-to-order four-door will split
the price between mainstream luxury EVs like the BMW i7 and Mercedes-Benz EQS and the
seriously expensive Rolls-Royce Spectre.
4. Hyundai Motors
Hyundai and its sister company, Kia, are South Korean automakers that have made big
strides in the EV world in recent years. They started with the Hyundai Kona Electric and the
Kia Niro EV, which were electric versions of existing gas-powered vehicles. Both compacts
catapulted to the top of Edmunds' EV SUV rankings. The automakers' next pair of electric
SUVs, the Hyundai Ioniq 5 and the Kia EV6, made a splash with, respectively, their retro and
futuristic styling. The Ioniq 5 was recently named the Edmunds Top Rated Electric SUV, and
the lineup is growing with the debut of the Ioniq 6 sedan. Later this year, Kia is set to launch
its EV9, an electric three-row SUV with a targeted range of upward of 300 miles.
Genesis, Hyundai's luxury brand, is also getting into the electric car business. It started with
the GV60, a small performance-oriented SUV, before launching two electric versions of

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gas-powered vehicles: the Electrified GV70 compact SUV and the Electrified G80 midsize
sedan.
These EVs are all a part of Hyundai's electrification strategy and Kia's Plan S strategy. Both
aim to significantly grow Hyundai's and Kia's electric vehicle lineup, sales and market share
by the end of this decade.
5. Volkswagen Group
After a brief experimentation with the e-Golf (an electric version of the Golf compact
hatchback), Volkswagen designed an electric vehicle from the ground up. Its new ID
sub-brand started with the European-only ID.3, but here in the States, we got the larger ID.4
compact SUV. In 2024, we'll see the debut of the ID. Buzz electric van, with retro styling
inspired by the old VW Bus. Soon after, we'll see the ID.7 electric sedan. In addition to
having more electric vehicles in its lineup, Volkswagen seeks to have a greater emphasis on
software integration, as part of its Accelerate strategy.
Audi, Volkswagen's luxury brand, offers a solid yet somewhat confusing selection of electric
vehicles to choose from. Starting from the low end, there's the Q4 e-tron compact SUV and
its Sportback variant, which share a platform and powertrains with the VW ID.4. Next is the
larger Q8 e-tron SUV, formerly known as the Audi e-tron. It too has a Sportback variant, with
a Q8 Sportback on the way soon. Finally, there's the ultra-luxury e-tron GT sedan and its
high-performance variant, the RS e-tron GT.
Porsche has one electric vehicle, the Taycan, with a few variants under the Taycan name.
The standard Taycan is a sleek sedan and, like any Porsche, comes in a multitude of trims
— including popular 4S, GTS and Turbo models — with different power levels and
performance. The Taycan Cross Turismo is a wagon version with added cargo space. It too
is available in 4S and Turbo versions. Finally, there's the Sport Turismo GTS, which offers a
lowered ride height and provides a midpoint between the Cross Turismo 4S and Turbo.
Bentley and Lamborghini, which also belong to Volkswagen Group, are both planning EVs,
though no production vehicles have been revealed yet.
6. Nissan
BMW's i models denote its electrified-only vehicles. The brand first produced electrified cars
in the form of the compact i3 hatchback (available as a pure EV or with a two-cylinder
gasoline range-extender) and the sleek i8 plug-in hybrid sports car. In BMW's current lineup,
however, you'll find the EV-only i4 compact sedan, the i7executive sedan and the iX midsize
SUV. These newer models are loaded with technology, including the latest version of BMW's
iDrive operating system.
BMW also offers plug-in hybrid (PHEV) versions of many of its major models. The
impressive lineup of so-called electrified vehicles is part of the company's Power of Choice
global strategy, which seeks to offer a variety of vehicles to fit customers' needs.

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7. BMW
BMW's i models denote its electrified-only vehicles. The brand first produced electrified cars
in the form of the compact i3 hatchback (available as a pure EV or with a two-cylinder
gasoline range-extender) and the sleek i8 plug-in hybrid sports car. In BMW's current lineup,
however, you'll find the EV-only i4compact sedan, the i7 executive sedan and the iX midsize
SUV. These newer models are loaded with technology, including the latest version of BMW's
iDrive operating system.
BMW also offers plug-in hybrid (PHEV) versions of many of its major models. The
impressive lineup of so-called electrified vehicles is part of the company's Power of Choice
global strategy, which seeks to offer a variety of vehicles to fit customers' needs.
8. Mercedes-Benz
Mercedes-Benz entered the era of modern electric vehicles with the debut of the B-Class
Electric in 2014. This van-like hatchback was adapted from the overseas-only B-Class and
only offered about 100 miles of range. However, the company's first vehicle designed to be
an EV from the ground up was the EQS large sedan. Mercedes uses a naming structure
similar to the one for its gas-powered vehicles but with the addition of the letters "EQ" in
front, so the EQS is roughly equivalent in size and price to the S-Class, though the two
vehicles are highly differentiated. On the low end of the range, you'll find the EQB, a small
SUV, which is the only vehicle in the EQ lineup that is essentially an electric version of a gas
car (in this case, the GLB). Next, there's the EQE sedan, which serves as the equivalent of
an E-Class. The sport-utility version of the EQE is the EQE SUV. Finally, there's the
aforementioned EQS, and its crossover variant, the EQS SUV. Mercedes EVs have a wide
cruising range, anywhere from about 240 miles to upward of 400 miles, according to
Edmunds' real-life range test.
9. Rivian Automotive
Rivian is a California-based automaker with a factory in Illinois. It currently offers two
vehicles, the R1T, an all-electric pickup truck, and the R1S, an SUV variant. The R1T was
one of the first all-electric pickup trucks available, followed by the larger Ford F-150
Lightning. In 2022, we awarded the R1T the Edmunds Top Rated Editors' Choice award for
making a great first impression and exceeding our expectations.
Amazon is a major investor in Rivian, and in 2019, both parties struck a deal for Rivian to
produce about 100,000 electric delivery vans (EDVs) for the e-commerce giant. That same
year, Ford invested $500 million in Rivian and they announced they would partner to develop
an EV for the Lincoln brand. In 2021, Ford announced that it was backing out of the deal and
would go it alone. Rivian is also currently in talks to back out of the Amazon deal after the
e-tailer purchased fewer vans than expected.
10. Lucid Motors

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Lucid is a U.S.-based company with a factory in Arizona. It is a relatively new automaker and
has made a big impact with its high-end luxury electric vehicle, the Lucid Air. The Air is a
large sedan that competes with the Tesla Model S. There are several trim levels available,
and each is distinguished in terms of performance, range and features. Depending on the
configuration you order, the Air can come with a 1,050-horsepower dual-motor setup with
supercar-like acceleration or can travel upward of 500 miles on a single charge. These
vehicles are not inexpensive. At the time of writing, the Air starts at around $87,000 for the
Pure trim and can skyrocket to $250,000 for the upcoming 1,200-hp high-performance
Sapphire version. The long-range Grand Touring trim sits in the middle of the range and
starts at about $138,000.
Honorable mentions
The car companies above aren't the only ones producing electric cars. But not all of them
have had the same impact or variety in their lineup. Toyota, for example, is one of the
biggest automotive companies in the world, but its first vehicle designed to be a pure EV —
the oddly named bZ4X — arrived late to the party and didn't bring much new to the table. It
is a similar story with Lexus and its RZ 450e, which looks, feels and drives nicely but has a
range that isn't competitive with other EVs at its price point.
Subaru jointly developed its first EV, the Solterra, with Toyota. And while it offers solid
off-road performance for an EV, it suffers from the same issues as its Toyota cousin:
mediocre range and a polarizing driving position.
Volvo has offered several plug-in hybrid vehicles in recent years, but its first all-electric
vehicle was the XC40 Recharge, a subcompact luxury SUV. Next was the Volvo C40
Recharge, a variant of the XC40 with a sloped rear roofline. These sibling EVs give a great
first impression, but the C40 suffers from poor rearward visibility and both have
EPA-estimated ranges that are low relative to their competition. Late in 2023, Volvo will
launch the EX90, a three-row luxury electric SUV with an estimated range of about 300
miles.
Polestar was once a company that modified and produced high-performance Volvos but has
since been spun off into its own electrified company with unique vehicles. The first vehicle
produced was the Polestar 1, a handsomely styled plug-in hybrid coupe that had a short
two-year lifespan. Polestar's more mainstream model is the Polestar 2, a small liftback
sedan that competes with the Tesla Model 3. But a high starting price relative to its
competition and a less efficient EV motor hold the Polestar 2 back from making it to our main
list. Later in 2023, Polestar will launch its Polestar 3, the brand's first SUV, which looks to
compete with the Tesla Model Y.
Mini, part of the BMW Group, began testing its Mini E in 2009. The first all-electric Mini
Cooper was available as a lease-only vehicle and sold in small numbers. Roughly a decade

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later, the British brand launched the Mini Cooper SE, an all-electric version of the
third-generation Mini Cooper two-door Hardtop. But while the Mini Cooper SE matched the
fun-to-drive nature of the Mini brand, its low range and lack of utility for larger families held it
back from reaching a higher tier in our rankings.

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