Tesla's market share in the US has climbed up to 4.2%
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Tesla not only continued to dominate the EV segment but also made significant inroads into the overall automotive market in the United States, surpassing established players like Volkswagen. According to Cox Automotive and Kelley Blue Book, Tesla's market share in the US automotive sector climbed to 4.2% in 2023, up from 3.8% in 2022. This increase was bolstered by an impressive 25.4% jump in sales, with Tesla selling approximately 654,888 vehicles in the US.
While the numbers are impressive, they don’t show how Tesla has pulled this feat off. No car company worldwide is under more mainstream media scrutiny than Telsa. The company does little advertising, and despite committing to try marketing its product more traditionally, Tesla still strives on word of mouth. Its CEO, Elon Musk, is a lightning rod for controversy. Musk is under a continuous attack that has caused some shareholders to be concerned in the past. Despite all of that, Tesla is on the rise.
Comparison with Traditional Automakers
Data from Cox Automotive and Kelley Blue Book reveals a remarkable upswing in Tesla's market share in the US. Climbing from 3.8% in 2022 to 4.2% in 2023, Tesla's growth trajectory reflects a robust 25.4% increase in sales, translating to about 654,888 vehicles sold in the US.
While Tesla's market share is still behind giants such as GM, Ford, and Toyota, its growth trajectory is notable. In 2023, Tesla's market share exceeded that of Volkswagen (4.1%), Subaru (4.1%), and BMW (2.5%). This achievement is significant, considering Tesla exclusively sells EVs, unlike Volkswagen and others that offer mostly internal combustion engines. However, Tesla's rise in sales came with a reduction in profitability, as the average transaction price for its cars dropped from around $60,000 to just over $50,000 by the year's end.
The Changing EV Landscape
The EV sector is poised for a significant transformation, with over 70 new EV models expected to debut in the next two years. This influx of new models will intensify competition, challenging Tesla's current market dominance. However, Tesla is not resting on its laurels, with the introduction of the Cybertruck and updates to popular models like the Model 3 (now available in North America) and the Model Y anticipated to stimulate further growth.
Tesla's innovative approach and strong brand recognition position it well to navigate the increasingly competitive EV market. The company's ability to adapt to market demands and its commitment to technological advancements are key factors that will likely sustain its growth trajectory.
Market Dynamics and Tesla's Strategy
The automotive market in the US is expected to experience an uptick in sales, with new vehicle sales projected to reach 15.7 million in 2024. Tesla's strategy seems well-aligned with these market dynamics, as evidenced by its expanding product line, like the “Model 2” and strategic pricing adjustments.
Tesla has the largest growth over the last eight years
ICannot_Enough / X
Tesla's remarkable performance in 2023 signifies a major shift in the automotive industry, highlighting the growing appeal of EVs and Tesla's capability to leverage this trend. Despite facing challenges from a rapidly evolving market and increased competition, Tesla's innovative strategies and strong market presence have established it as a formidable player in the automotive sector. The company's journey from a niche EV manufacturer to a key competitor against established automotive giants like Volkswagen is proof of its resilience and adaptability.
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Tesla maintains two primary software branches: the main feature branch and the FSD branch. In general, the FSD branch lags behind on new features pushed to the main branch but provides a more recent FSD version.
However, now Tesla is updating the main branch to a much more recent version of FSD.
Current FSD Build & Shadow Mode
Nowadays, the main branch always includes an older but stable build of FSD. It’s been on FSD V12.3.6 since July 2024. So, if you subscribe to FSD in North America, this is the FSD version you’ll receive until you get added to the FSD track.
Even if you don’t subscribe to or have purchased FSD, your vehicle has v12.3.6 on it. That includes vehicles in regions where FSD isn’t available for general use, such as Europe and China. In those cases, FSD runs in Shadow Mode, providing training data to Tesla if you’ve agreed to their data privacy policies. So Tesla is always analyzing what the vehicle would do compared to what the driver does. When there are contradictions, these are the clips and data Tesla will want to analyze.
FSD V12.5.4.2 on Main Branch
For the first time in five months, Tesla has now updated the baseline version of FSD in the main branch. The new version included with 2024.44 updates is FSD v12.5.4.2. This Tesla is updating the baseline FSD version to FSD V12.5.4.2
FSD 12.5 includes many features for a much smoother experience compared to FSD 12.3.6. Many users will appreciate that it gets rid of the steering wheel nag and instead relies on the cabin camera to provide real-time driver monitoring. This version also includes support for sunglasses with driver monitoring. It’ll be a big upgrade for anyone coming from FSD 12.3.6.
It's always a good thing when Tesla updates the baseline FSD version—that means that Tesla is confident that this new baseline is considerably safer and will continue to train the fleet against it.
What Update Am I Getting?
If you’re already on FSD V12.5.4.2, you’ll likely remain on that FSD build unless V13.3 manages to make its way to the public as Tesla originally planned, but that’s unlikely to happen before the Thanksgiving holiday. In all likelihood, you’ll be getting update 2024.44, which will give you some additional Tesla features while keeping you on the same FSD version.
For those who are already on 2024.44 - if you subscribe now, you’ll have V12.5.4.2 enabled on your vehicle.
If you have a Cybertruck, then you’ll receive update 2024.39.5 with FSD V12.5.5.3. They’re on a unique build for the moment, and this will likely be the case until Tesla acquires enough training data from the Cybertruck fleet.
The Cybertruck is having an eventful November. Just last week, we shared the news that Tesla isn’t offering their in-house wrap service for the Cybertruck anymore; the Foundation Series is now available in inventory in select US locations, Crossbars have arrived, and faster charging is around the corner. Now there’s even more to discuss about the stainless steel beast.
Projection Puddle Lights
Like the recently launched puddle lights for the Model 3 and Model Y, Tesla has introduced a set of add-on Projector Puddle Lights for the Cybertruck. These Cybertruck-specific ones go for $75 USD, or $105 CAD and are available in both the Canadian and US Tesla stores.
However, these don’t have the Tesla wordmark - instead, they feature the iconic Cybertruck symbol and, in our opinion, look even nicer. Here’s to hoping Tesla also introduces a set with the graffiti-style Cybertruck wordmark.
Powershare in Canada
While the Foundation Series Cybertruck has been getting delivered in Canada since November 7th, there was no news on Powershare being supported due to regulatory constraints. On the 20th, Foundation Series owners in Canada began to receive emails to get their Powershare installs started through Tesla’s official installer - Qmerit.
More to follow on pricing and the process as we receive our Canadian quote from Qmerit soon.
FSD in Canada
The Cybertruck Program Manager, Siddhant Awasthi, confirmed that with Powershare now becoming available, FSD for the Cybertruck in Canada will also become available soon. Canadian trucks shipped with a factory software build that didn’t include FSD, but did include TACC and stoplight/traffic control.
Early this morning Tesla began rolling out a new version of FSD 12.5.5.3 for the Cybertruck, which is update 2024.39.5. Will this be the version that rolls out in Canada?
Update: Yesterday, Tesla started rolling out FSD on the Cybertruck in Canada for the first time. The update being rolled out is update 2024.39.5, which not only features the latest FSD available on the Cybertruck, version 12.5.5.3, but it also includes all the features update 2024.38, which includes the huge Sentry Mode improvements that reduce power consumption by about 40%.
Following Integrated Flight Test 6 for SpaceX’s Starship, Elon Musk confirmed that uncrewed Starships are likely to begin making their way to Mars in about 2 years. You’re probably going to ask what’s going to be in those Starships - that’s what Brett Winston on X asked as well. Elon confirmed that Cybertrucks and Optimus robots will be among some of the first items landing on Mars.
That’s a ton of awesome news for Cybertruck, and there’s absolutely going to be more around the corner, especially as we await the big Tesla Holiday Update. While you wait, why not take a look at our Holiday Update Wishlists?
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