Tesla’s Triumph: The Undeniable Allure of EVs

As electric vehicle (EV) sales surge globally, traditional car sales dwindle. What’s driving this shift? The answer seems to point overwhelmingly to one name: Tesla.

Zachry Kirkhorn, Tesla’s Chief Financial Officer, articulated this trend during the company’s third-quarter earnings call. “There appears to just be quite a profound awakening of the desirability for electric vehicles,” he remarked. “Folks want to buy an electric car, and folks want to buy a Tesla right now. It’s very exciting for us.”

Indeed, Kirkhorn’s statement prompted DataTrek Research to delve deeper into the EV-Tesla nexus.

Their findings were striking: Tesla reigns supreme in consumer interest, eclipsing other EV manufacturers. “Aggregate the three Tesla models’ [Google] searches and they far outnumber ‘electric car’ queries,” noted the firm in a recent research note.

While Barron adjusted the search parameters slightly, the dominance of Tesla in online searches remained unshaken. Searches for Model 3 and Model Y far exceed those for competing EVs, underscoring Tesla’s resonance with consumers.

DataTrek drew a clear conclusion: “One can argue about ‘Tesla the stock,’ but ‘Tesla the company’ has built a very strong EV brand here in the States.”

Recent sales figures corroborate this narrative. Tesla’s vehicle sales have nearly doubled year-over-year, with third-quarter volumes soaring by over 70%. This achievement is particularly noteworthy amidst a 13% decline in U.S. light-vehicle sales during the same period, attributed to semiconductor shortages.

Despite industry challenges, Tesla’s stock remains robust, climbing approximately 38% in the past three months and hitting a record high. As of early trading Friday, Tesla shares stand at $901.41, marking an increase of about 0.8%.

In contrast, the S&P 500 and Dow Jones Industrial Average exhibit more modest gains, underscoring Tesla’s exceptional performance in the market.