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Tesla (NASDAQ:TSLA) Outsells Competition in EV Sales
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Tesla (NASDAQ:TSLA) Outsells Competition in EV Sales

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Tesla sold more vehicles in the first half of 2023 than the combined sales of competing automakers. The company sold 325,291 vehicles in the U.S. in 1H23.

EV (Electric Vehicle) titan Tesla (NASDAQ:TSLA) is miles ahead of its competitors. The company sold more vehicles than the combined sales of competing automakers in the EV space, according to an analysis by Reuters

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Per the report, Tesla achieved sales of 325,291 vehicles in the U.S. in the initial six months of 2023. In comparison, Tesla’s total 19 competitors, which include General Motors (NYSE:GM), Ford (NYSE:F), and Rivian (NASDAQ:RIVN), among others, sold 214,542 EVs during the same time. 

Tesla’s dominance in the EV sector is due to multiple factors. Some of them include its cutting-edge technology, advanced battery systems, expansive network of superchargers, top-tier production capabilities, and brand reorganization. Additionally, Tesla boasts industry-leading margins, which allows it to aggressively play with pricing to sell more vehicles and uphold its leadership in the EV space. 

Further, the ongoing UAW (United Auto Workers) strike will likely drive up labor costs for General Motors, Ford, and Stellantis (NYSE:STLA). This implies that Tesla will have additional room to lower its average prices further and sell more cars.

As Tesla maintains its leadership in the EV space, let’s look at what Wall Street analysts recommend for its shares.

Is Tesla a Buy, Sell, or Hold?

Wall Street analysts are bullish about Tesla’s long-term prospects. Further, its competitors are grappling with higher costs and lower volumes, making it challenging for them to erode Tesla’s dominance. 

However, Tesla is reducing prices to push volumes, adding pressure to its margins and keeping analysts cautiously optimistic in the near term. With 11 Buy, 12 Hold, and four Sell recommendations, Tesla stock has a Moderate Buy consensus rating on TipRanks. 

Tesla stock has gained over 95% year-to-date. Meanwhile, analysts’ average price target of $272.71 implies 13.39% upside potential from current levels. 

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