Tesla Manufactures 82% of Electric Vehicles Sold in the US in H1 2020

Tesla Inc, an American electric vehicle manufacturing firm, manufactured 81.66 percent of all the electric vehicles sold in the United States in the first half of the year.

According to recent data, out of the 87,398 electric vehicles sold in the first half of the year, Tesla vehicles accounted for 71,375 with Tesla Model 3 constituting 38,314 of the total units sold during the period.

The report noted that 10 popular models of electric vehicles were sold with some from traditional car manufacturers. For instance, German-based BMW sold 251 vehicles of the BMW i3 model.

Also, the report noted that Tesla remains the leader of the market with a market capitalisation of $350.08 billion as of August 19, 2020.

Toyota came second with $189.29 billion market value while America’s General Motors was the least with $41.69 billion market capitalisation.

The research noted the role of Tesla’s unique products towards the impressive market cap. According to the report: “Notably, the Tesla car models have contributed to its high market capitalization compared to competitors. Tesla’s business model in recent years has been impressive to investors. The company has transformed from regularly missing delivery targets and production milestones to overdelivering on different fronts. The surge in the market capitalization comes at a time when Tesla reiterated pre-COVID guidance for half-million deliveries in 2020, despite factory shutdowns in both the U.S. and China.”

It also noted that the dominance of the American electric automobile company is being challenged by traditional vehicle manufactures who are not setting up electric vehicle manufacturing units.