In 2020, a year stricken by an economic downturn in response to the COVID-19 pandemic, Tesla stock has continued to stay positive and surpass all of its competitors in the automotive sector. In the first quarter of 2020, Tesla was actually able to increase its year-over-year car sales by 72.5%, whereas the industry as a whole suffered a sharp decline in sales. In a time of financial hardship, how has Tesla continued to attract consumers and investors alike? Here is a brief overview of Tesla 2020, and the models that have made them so successful in such a difficult time:
2020 Model 3
The Tesla Model 3 is one of the company’s top sellers, with a reported 76,266 delivered in the first quarter of 2020, making up a whopping 86.2% of their total unit sales. The greater popularity of the Model 3 is due to its much more affordable price ($33,690) than the more luxurious Model S, which makes it more marketable to consumers in the middle class. It’s electric-powered engine has a reported range of 322 miles and according to Tesla.com, it can go from 0 to 60 mph in just 3.2 seconds. It’s structure of aluminum and steel makes it compact and safe, with a low center of gravity that reduces the risk of rolling over. This model also features a dual-motor all-wheel drive system with one motor in the front and one in the rear, which gives it improved handling and traction control. It is no wonder this car has gained such popularity in the consumer automotives sector.
2020 Model S and Model X
The Model S and Model X make up the luxury segment of Tesla’s products, and appeal greatly to the environmentally-conscious forward-thinking members of the upper class. These two models combined make up 13.8% of Tesla’s total unit sales, which is to be expected from a company that offers both economy and luxury vehicles. The Model S starts at $74,490 and its engine boasts a 391 mile range and can reportedly go from 0 to 60 mph in 2.3 seconds. It also includes incredible self-driving capabilities such as highway autopilot, automatic highway lane changing, and autopark. The Model X, the older of Tesla’s luxury models, starts at $79,690. This model has a reported range of 351 miles on a single charge and also includes the same self-driving capabilities as the Model S. It can also comfortably fit seven people and reportedly tow up to 5,000 pounds.
2020 Model Y
The Model Y, an all-electric compact crossover that looks and operates quite similarly to the Model 3, was first announced by Elon Musk at a shareholder meeting in 2017. Its original delivery date was supposed to be in 2019; however, this has been pushed back to the third quarter of 2020. Tesla has already begun taking pre-orders for the Model Y and many believe that this model could eventually become the company’s top seller.