Tesla Sales Surge But Still Trail Giants Like Toyota As Competition Grows in EV Market
• Tesla likely had record EV sales in 2023, but sales still small fraction of giants like Toyota • Must attract everyday buyers beyond tech fans for next growth phase, faces hurdles like high interest rates • Slashed prices to sacrifice margins for volume, especially in China, but still trails BYD • New Cybertruck at least a year from profitability; 97% of sales still just 2 models - Model 3 and Y • Has levers to boost sales like new Model 3 version, more marketing, but competition growing in EV space