Tesla aims to broaden appeal in wary mass market after probable record EV sales in 2023

Name: Tesla CEO Musk makes surprise trip to Beijing as US-China tech war escalates
Uploaded: 2023-12-31T11:08:35.000Z
Duration: 1 min 48 s
Description: Tesla CEO Musk makes surprise trip to Beijing as US-China tech war escalates

Tesla is likely to have had another record year for deliveries in 2023, in large part due to die-hard Elon Musk fans and tech-savvy early adopters

For its next phase of growth, Tesla has to win over everyday buyers, who tend to select vehicles based on price and ease of use

3-MIN READ3-MIN

The Austin-based EV maker is estimated to have handed over almost 483,200 vehicles in the fourth quarter. Photo: Reuters

Bloomberg

Published: 7:08pm, 31 Dec 2023

Tesla is expected to say on Tuesday it had another record year for deliveries in 2023, in large part due to die-hard Elon Musk fans and tech-savvy early adopters. Now the company is working to widen its appeal.

The Austin-based EV maker is estimated to have handed over almost 483,200 vehicles in the fourth quarter, according to analysts surveyed by Bloomberg. That means Tesla probably exceeded its goal to deliver 1.8 million cars last year, an all-time high for the company but just a fraction of what Toyota or General Motors normally sell.

For its next phase of growth, Tesla has to win over everyday buyers, who primarily select vehicles based on price and ease of use.

“When you look at car buying in general, we’re trying to get to the next set of EV adopters,” chief financial officer Vaibhav Taneja said during an investor call in October.

The Musk-led company faces a number of hurdles to reach that crowd: Inflation and high interest rates have made consumers more cautious about big purchases. Additionally, plenty of buyers still wonder about safety, and if there are enough charging stations.

01:48

Tesla CEO Musk makes surprise trip to Beijing as US-China tech war escalates

Those who do decide to make the switch from gasoline-powered cars also have an ever-expanding pool of EVs to pick from, besides Tesla.