Elon Musk's Tesla Announces 3 Million Model 3 Units Sold Worldwide

Elon Musk's Tesla Inc. TSLA announced that the company has sold over 3 million units of the Model 3 sedan worldwide.

Check out the current price of TSLA stock here.

What Happened: The EV giant made the announcement on Chinese social media platform Weibo, which could be viewed as a counterpart for Musk-owned X (formerly Twitter)

"Model 3 is selling 3 million units worldwide," the company said in the post on Weibo. The company also shared that Tesla sells one unit of the Model 3 every 1.5 minutes.

"Ranked first in global pure electric car sales for 7 consecutive years," the company said in the post.

Source: Tesla via Weibo (Original post in Chinese)

Why It Matters: The news comes as Tesla announced a rebound in Chinese sales as the company recorded over 12.3k new insured registrations in the Chinese market in the second week of July.

However, the company has experienced sluggish sales in the U.S., with new units sold dropping 6% YoY in the country. Despite this, Tesla remains the segment leader with a 44% market share in America.

Tesla also announced a series of offers on its vehicles in the U.S., including the Cybertruck, the Model 3 and the Model Y, in a bid to boost adoption among customers.

As sales continue to decline, Tesla appointed Raj Jegannathan, a senior IT executive at the company, to oversee the sales team after Troy Jones's departure following a 13-year-long stint. 

Tesla offers Satisfactory Momentum and Quality, while scoring well on the Growth metric, but offering poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Loading...
Loading...

Read Next:

Image vIa Shutterstock

TSLA Logo
TSLATesla Inc
$333.300.36%

Stock Score Locked: Want to See it?

Benzinga Rankings give you vital metrics on any stock – anytime.

Reveal Full Score
Edge Rankings
Momentum
59.77
Growth
91.26
Quality
55.61
Value
10.00
Price Trend
Short
Medium
Long
Market News and Data brought to you by Benzinga APIs

Posted In:
Comments
Loading...