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Tesla Model 3 Is UK's Top-Selling EV In June

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Tesla Model 3 Is UK's Top-Selling EV In June

While the coronavirus lockdown had traditional auto manufacturers struggling to sell and produce cars, Tesla Inc (NASDAQ: TSLA) seemed less effected, selling more cars than predicted by Wall Street. This is most likely thanks to Tesla's online sales model, which lets customers build and purchase a car from their phone or computer in a matter of minutes.

In June, the Tesla Model 3 took 23% of the electric vehicle market in China, and it looks like it did well in the United Kingdom also. The Model 3 was the top-selling electric vehicle in the U.K., and the No. 9 most-sold car overall. The U.K. saw electric vehicle sales increase 261% overall in June.

The Model 3 benefits from a £3,500 tax credit in the U.K., similar to other electric vehicles in the country. In the U.S. where the Model 3 is produced, Tesla vehicles no longer qualify for any federal tax benefits.

Benzinga's Take: It seems everywhere you turn Tesla is outselling the competition. Most likely because there isn't much competition.

While other manufacturers keep promising to release electric vehicles that are better than or even on par with a Tesla, so far none have delivered. We saw how quickly Tesla pushed the envelope when Porsche challenged them with the Taycan.

Photo courtesy of Tesla

 

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