Tesla is unlikely to match its growth compared to last year, when deliveries jumped 90 percent to 940,000 vehicles. Wedbush analysts said a 50 per cent increase by 2022 is more realistic.
This remains a “remarkable achievement” given that China has been “essentially on lockdown for two months,” they said in a note on Saturday.
The slow growth rate is one of the factors that have delayed investors Reassessing Tesla’s Opportunities to Dominate the Automotive Business. Tesla shares are down more than 40 per cent from their November peak as more buyers choose electric cars because of their better energy efficiency.
Depending on local usage rates, an electric vehicle can be much less efficient than a fossil-fueled vehicle. According to the Environmental Protection Agency, a Tesla Model 3 has a standard range of 142 miles per gallon, and costs $450 per year in fuel. By comparison, a Honda Accord with a gasoline engine gets 33 miles per gallon and costs $2,200 a year in fuel.