luxury car

Tesla is building a lead in the luxury car market.

Tesla CEO Elon Musk has had plenty of tough sledding over the past few months. But one bit of good news is that the Tesla Model 3 hit the top of the North American luxury car charts.

According to CNN:

Tesla announced Tuesday that it sold 55,840 Model 3s in the third quarter, nearly all of which went to American customers. The Audi Q5 was the next bestselling luxury model in the United States — Audi sold 21,000 of them over the past three months.
To put the Model 3’s success in perspective, Tesla sold more Model 3s than GM sold Cadillacs or Buicks — of any model. The Model 3 also outsold all Honda Acuras and Ford’s Lincolns and Tesla sold more Model 3s than Lexus, BMW, Mercedes and Audi sold cars (when including SUVs, the big four luxury makers each outsold the Model 3).
The Model 3 surpassed those established brands even though Tesla doesn’t advertise and, in most cases, Tesla has far fewer stores than its competitors’ dealership network.
The luxury car market is one of the most profitable segments of the automobile market. So the success so far of the Model 3 is good news for Tesla. But by at least one measure, the Model 3’s success goes beyond its luxury car competitors.
USA Today has called it the hottest car on the market right now. According to the newspaper:

It’s getting harder to deny that the Tesla Model 3 is become a disruptive force in the auto industry.

While Tesla does not report sales on a monthly basis, the company sold 55,840 Model 3 cars in the third quarter, which covered July, August and September.

With only three models for sale, Tesla outsold luxury rival Mercedes-Benz in the third quarter in the U.S.

During that period, the Model 3 electric sedan was the third-best-selling car in the U.S., Tesla CEO Elon Musk said.