Is Tesla Going To Outpace Luxury Automakers Lexus & BMW? Probably
For much of the auto industry’s recent history, luxury auto sales have been dominated by Lexus and BMW. However, Tesla’s push toward the emergence of the electric vehicle is expected to change that in the years to come.
Tesla is on track to outpace luxury automaker sales from Lexus and BMW, amidst a major shift to EVs as the new, most-coveted type of luxury vehicle, according to a report in January from Jalopnik (via Automotive News).
The report details Tesla’s U.S. registrations through November of 2021 as compared to those of Lexus and BMW, as Tesla sales slowly creep up on old guard luxury automakers.
In November of 2021, Tesla’s 11-month registrations reached 303,246, while BMW registered 318,182 vehicles in the same period. The figure marks an impressive 75 percent surge for Tesla year over year.
Tesla’s estimated U.S. deliveries for the whole of 2021 were also set at 313,400 by the Automotive News Research & Data Center. The figure shows Tesla narrowly falling behind luxury auto leader BMW, which reached 336,644 vehicles sold throughout 2021, and beating out Lexus, which sold 304,475 units in the U.S.
Between Tesla’s booming U.S. factories and its unique, incrementally updated release model, the company is offering more than most luxury vehicles for consumers, explains Executive Director of Insights at Edmunds Jessica Caldwell.
“Tesla’s incremental sales are a major contributor to the luxury market outpacing the new-vehicle market as a whole,” said Caldwell. “Tesla isn’t just capturing the luxury consumer. It’s also offering something a bit different to lure in affluent consumers who may have not prioritized buying a Mercedes-Benz or BMW in the past, even if they could afford it.”
2021 was also a rough year for the auto industry as a whole, with semiconductor shortages causing slowed production for many automakers and an overall slump in sales. Tesla managed to navigate the shortages better than major U.S. automakers General Motors (GM) and Ford, as well as a number of luxury vehicle makers.
Russia’s military action in the Ukraine prompted an inevitable spike in crude oil prices (YouTube: Bloomberg Quicktake: Now)
And now, just as legacy automakers are beginning to announce, unveil and deliver their first EVs, a new world event is shaking up the auto world — Russia at war with Ukraine.
Russia invading Ukraine has caused oil prices to skyrocket, which could actually be slated to benefit EV makers, despite countless other impacts felt by many world markets, industries, and individuals.
While EV buyers stand to save thousands of dollars on gas and maintenance over a four- to five-year period of ownership, increasing oil prices in the months to come could cause consumers to break even on their purchases even sooner than before.
Originally posted on EVANNEX. By Peter McGuthrie
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