Tesla's Model 3 The World's Best-Selling Luxury Sedan In Q1

During Tesla Inc's (NASDAQ: TSLA) Q1 earnings call, the company announced profitability and increasing vehicle sales worldwide. The future of full self-driving vehicles, energy storage and vehicle production was also discussed.

But one of the most impressive reveals was the Tesla Model 3 as the best-selling luxury sedan worldwide, outselling competitors such as the Mercedes E-Class and BMW 3 Series. 

This is pretty remarkable because the Model 3 was first introduced in mid-2017 in low volume. The production and deliveries slowly ramped up throughout 2017, really only quickly increasing in numbers into 2018.

Tesla achieved this milestone with two factories in the world: Fremont, California, and Shanghai, China. Tesla is currently building two more production factories in Berlin, Germany, and Austin, Texas. Both new factories will start with building the Model Y.

On the earnings call, CEO Elon Musk mentioned he believes in 2022 the Model Y will be the best-selling car of all types worldwide. Musk later clarified in a tweet he thinks by next year it will be the best-selling vehicle by revenue, and perhaps the best-selling overall by volume by 2023. 

"Seems quite likely at least based on revenue in 2022 & possibly total units in 2023."

— Elon Musk (@elonmusk) April 26, 2021

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(Photo courtesy of Tesla)