Cox Automotive, the world's largest automotive services and technology provider, has released a forecast predicting that Tesla will lead the luxury market in Q1 2023 with sales of 180,000 units, a gain of nearly 40% from Q1 2022. As a result, Tesla is expected to post solid sales gains and surpass a market share of 5% for the first time. This marks a significant achievement for the electric car maker as it continues to gain market share in the luxury car market.
Improved Inventory and Lowered Prices to Spark Demand
By far, Tesla will be the top luxury-vehicle seller in the U.S. in Q1, with sales more than double that of BMW or Mercedes. This impressive performance is likely due to Tesla's innovative technology, sleek designs, and rising brand recognition.
Tesla's success in Q1 2023 is expected to be primarily driven by improved inventory levels and lowered prices. According to Cox Automotive, new-vehicle inventory levels have significantly improved from Q1 2022, which has helped stimulate sales despite elevated prices and high auto loan rates. Tesla also lowered its prices in the first quarter to spark demand.
Tesla's Record Quarter
Tesla's Q1 2023 sales are expected to reach 180,000, a record quarter for the company in the U.S. In addition, the company's growth trajectory continues to outpace its competitors, with Tesla's market share forecasted to surpass 5% for the first time. This puts Tesla on track to achieve its goal of selling 1 million electric vehicles per year, an ambitious target the company has set for itself.
Strong Outlook for Tesla
Cox Automotive's forecast is good news for Tesla investors and enthusiasts. The electric car maker has been expanding its production capacity to meet the rising vehicle demand. Tesla's Model Y, launched in 2020, has been a hit with customers, with the company ramping up production to meet the high demand. Tesla also plans to launch the Cybertruck, its first all-electric pickup truck, in 2022.
As more consumers look to switch to electric vehicles to reduce their carbon footprint, Tesla's growth prospects are expected to remain strong. The company's continued innovation in the electric car space and aggressive expansion plans could help it solidify its position as a leader in the automotive industry.
Other Key Take Aways from Cox
The release suggests a positive surprise for U.S. auto sales in Q1 2023. Still, supply constraints and affordability issues are expected to put a ceiling on what's possible for the rest of the year. Despite these challenges, Tesla's continued growth trajectory and strong performance in the luxury market are promising signs for the electric car maker.
General Motors is expected to finish Q1 as the top seller of new vehicles in the U.S., with sales volume forecasted to increase by over 15% year over year to reach 587,000 units. However, sales will drop from Q4 2022 when GM's volume hits 618,692.
The Bottleneck Has Passed, but Prices Are Too High
New-vehicle inventory levels have significantly improved from Q1 2022, up roughly 70% from the volume recorded in the early months of 2022. This has helped stimulate sales despite elevated prices and high auto loan rates.
Fleet sales for the entire year of 2023 are forecasted at 2.2 million, up 23% from 2022, when 1.8 million units were sold to commercial buyers.
Cox Automotive has adjusted its full-year new-vehicle sales forecast to 14.2 million, an increase of nearly 3% from 2022.
Elevated prices and average auto loan rates above 8% are expected to hold back new-vehicle sales for the rest of the year. The typical new-vehicle loan payment was more than $750 a month in Q1, which is out of reach for many households.
Tesla's sales forecasted to surpass 5% market share in Q1 2023 is a significant milestone for the electric car maker. Tesla's success in the luxury market is due to its innovative technology, sleek designs, and raising brand recognition. In addition, the company's improved inventory levels and lowered prices have helped stimulate sales despite elevated prices and high auto loan rates. With a record quarter forecasted for Q1 2023, Tesla's outlook remains strong, and the company continues to lead the charge in the electric car market.
Tesla introduced a wrap-around ambient lighting strip to its new Model 3
If you look up ambient lights for Tesla, you'll see several ads for third-party light kits. Perhaps this is why Tesla added its own Ambient Lights feature to the new Model 3. So, let's get enlightened.
Tesla's ambient lights are thin light strips that are embedded in each of the vehicle's doors near the top edge. It also curves around the dashboard near the windshield, giving passengers a near 360-degree light effect.
Tesla new ambient light feature is available on the new Model 3 (2024+), and will be available on the Cybertruck in a similar manner. With a refresh ongoing for the Model Y, known as Juniper, it will likely also have ambient lights. That just leaves out the most luxurious flagship vehicles, the Model S and X, for now.
The Model S and Model X could be due for a minor refresh that would not only add ambient lighting, but also include a front-bumper camera that the Cybertruck has and the new Model 3 is expected to have in the near future.
Tesla introduced a wrap-around ambient lighting strip to its new Model 3
The ambient light settings allow you to light up the interior in a color that reflects your mood or preference. Under Controls > Lights > Accent Lights, you are handed the freedom to choose virtually any color to adorn the interior of your Tesla.
You have control over whether the ambient lights are on, off, or set to an "Auto" setting, though not fully clarified, seems to promise intelligent lighting adjustments akin to our control over dome lights, offering a reduction in reflections during drives.
While the ability to control the brightness level seems missing, Tesla did include color presets, letting you curate a series of your favorite colors.
It should be noted that the changes are confined to the light strips on the doors and dash, steering clear of the footwell lights and other interior lighting.
With Tesla, we can be assured there will be enhancements to this feature in a future update. In fact, the Tesla community is already busy coming up with useful suggestions. Some owners thought Tesla should take advantage of the lighting to provide driver feedback, such as automatically changing the ambient lighting to a red hue when there's a vehicle in your blind spot. Tesla could also glow the light strip on a door if it's not closed properly, or use the lighting to provide feedback when Sentry Mode is enabled.
Other uses could be more fun, such as cycling the light through various colors when the 'Rainbow Road' easter egg is activated.
Ambient Lighting in Action
While the possibilities are endless and Tesla engineers will surely have fun coming up with creative uses for the feature, the biggest improvement we can hope for in the near future is the ability to adjust the light intensity.
Tesla's new Model 3 received a host of exterior and interior upgrades
Tesla outdid itself with the refreshed Model 3, known as the Highland. Despite all the fantastic upgrades, something is missing - the Performance version or perhaps the Plaid. The letter "T" has shown up on vehicle certificates in Europe, and despite Elon Musk's sense of humor, it is unlikely this is a Mr. T reference.
Deciphering the 'T'
A new document shows the new Model 3 Performance will have a dual motor
eivissacopter / X
Diligent scrutiny of the European Type Certificate, issued by the Dutch vehicle authority RDW and shared on the TFF Forum, revealed a subtle yet pivotal alteration — including the letter 'T' in the eighth digit of the Model 3 Performance's VIN.
This seemingly minor detail, indicative of the vehicle's motor/drive unit type, sparked curiosity and speculation on the forum. Could it be a tri-motor setup to usher in a new Plaid version of the Model 3? This vehicle has already got endless amounts of zip, but three motors? May The Schwartz Be With You!
This could also explain the Model 3+ badging that was spotted during the Ministry of Industry and Information Technology (MIIT) in China inspection of the refresh. However, the regulatory filings highlighted just two distinct variants of the car: a rear-wheel drive (RWD) with a 194 kW motor and an all-wheel drive (AWD) dual-motor setup that combines to deliver a formidable 331 kW of maximum power.
Initial conjectures leaned towards the possibility of a tri-motor setup, drawing parallels with the Plaid variants of the Model S and Model X. However, a deeper dive into the certification document clarified that the Model 3 Performance retained its Dual Motor setup, dispelling the possibility of a tri-motor upgrade.
Strategic Enhancements: A Glimpse into Potential Upgrades
Given the documented specifications, it becomes plausible that Tesla has strategically enhanced one of the dual motors, potentially aligning it with the advanced motor found in the Model S/X Plaid. This modification is poised to augment the top-end speed and acceleration of the Model 3 Performance, addressing its comparative limitations in extended races against traditional gas-powered supercars.
Meanwhile, the Model 3 refresh has become the new Bigfoot of the roads of North America, with rare sightings posted on social media. However, it appears the continent is excluded from the initial launch of the Model 3 Highland. Internal communications within Tesla suggest North American enthusiasts might have to exercise patience until 2024.
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