VWAGY - Musk's Strategy Working? Tesla's Market Share Soars In Q2 Amid Bold Price Cuts And Margin Fears | Benzinga
Tesla, Inc. (NASDAQ:TSLA) stock has been under pressure since the company released its second-quarter earnings report on July 19, as investors fear the aggressive price cuts will weigh on margin.
The price cuts and discounts, however, may have helped the company claw back some of the global market share it ceded to upstarts.
What Happened: Tesla's electric vehicle sales rose 83% year-over-year in the second quarter, outpacing the 50% overall global battery EV sales, data from market research firm Counterpoint showed.
Tesla's growth, however, trailed the 96% growth of Warren Buffett-backed BYD Company Ltd. (OTC:BYDDY) (BYDDF) and 111% growth of Geely Automobile Holdings Limited (OTC:GELYF).
Tesla's share of the global EV market increased from 16% in the second quarter of 2022 ...