, which indicates that soon the share should increase beyond 4 percent. In Q1 2023, the Tesla Model Y was the best-selling non-pickup truck passenger vehicle in the US.In Europe, Tesla's market share also improved moving up toward 2.5 percent. It's worth noting that in Q1 2023, the Tesla Model Y became the best-selling vehicle of any kind in Europe .
In China, despite various challenges, Tesla also managed to slightly increase its market share and for the very first time achieved a 2 percent market share. Tesla's market share is increasing mainly because the company is consistently increasing its sales volume . In some cases, the market share increases because the overall market shrunk year-over-year.
In 2023, the company is expected to further increase production and sales - potentially to 1.8 million units - but it's very difficult to forecast anything in a highly volatile economy."We are planning to grow production as quickly as possible in alignment with the 50% CAGR target we began guiding to in early 2021. In some years we may grow faster and some we may grow slower, depending on a number of factors. For 2023, we expect to remain ahead of the long-term 50% CAGR with around 1.
Since 2008, Tesla sold cumulatively more than 4 million electric cars globally, and its 12-month output improved beyond 1.4 million annually .
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