TSLA Stock Up 0.84% in Pre-market, Tesla Model 3 Is UK’s Best Selling Auto in May Again

UTC by Daria Rud · 3 min read
TSLA Stock Up 0.84% in Pre-market, Tesla Model 3 Is UK’s Best Selling Auto in May Again
Photo: Mark Vletter / Flickr

Of 20,247 new cars registered in the UK in May, 852 were Tesla Model 3. In April, Tesla Model 3 was the best-selling car in the UK as well. Following the news, Tesla (TSLA) stock is 0.84% up in the pre-market.

Despite the coronavirus pandemic, Tesla Inc (NASDAQ: TSLA) has managed to maintain its sales level. In the UK, Tesla Model 3 car became the top-selling auto in May, for the second month in a row.

According to the Society of Motor Manufacturers and Traders (SMMT) show, overall car sales in the UK fell 89% in May compared with the same month in 2019. Only 20,247 new cars were registered, down 163,477 from a year ago, which made May 2020 the worst since 1952. Of these cars, 852 were Tesla Model 3.

In April, Tesla Model 3 was the best-selling car in the UK as well. Firstly, it fared relatively well because of the attractive tax benefits for electric vehicles. Secondly, there has been a strong interest in Tesla’s autos due to the company’s innovative contactless delivery protocol.

Positions of Tesla Model 3 in the Market

In the first five months of 2020, the overall UK auto market was down 51.4%. But now auto dealers and showrooms are reopening. Unlike other European countries, the UK government has not yet issued any incentives to boost the overall auto industry or electric vehicles. However, the general trends are positive. Moreover, there are rumors that the UK government is preparing to get a location where the electric carmakers will set up their factories.

Apart from Tesla’s Model 3, other popular vehicles in the UK included Vauxhall Corsa, Ford Fiesta, Mercedes-Benz A-Class, and others.

Notably, Model 3 became a top-selling car not only in the UK. Although Elon Musk had issues with California’s government officials over their handling of the coronavirus crisis, Model 3 was the best-selling vehicle in the state in the first quarter of 2020. During the first three months of the year, total sales of Model 3 across California made up 18,856 cars.

Tesla’s Uncovered Acquisitions

Recently, it turned out that back in 2017, Tesla quietly acquired several automated manufacturing firms to support the design of new factories. But at that time, the deals were uncovered.

In particular, Tesla bought the Minnesota-based Perbix company. Perbix’s team was integrated into the Tesla Advanced Automation group to accelerate its automation effort.

Besides, Tesla took over Compass Automation, a firm that specializes in making equipment for automaker manufacturing.

Tesla (TSLA) Stock Up in Early Trading

Yesterday, Tesla (TSLA) stock declined by 2.10% to close at $864.38. In the pre-market today, it is 0.84% up, $871.61 per share. Tesla’s market cap is $160.32 billion, the annual stock change is 106.63%.

After plunging to around $400 in March due to the coronavirus, Tesla stock is doing well now. The company’s business has got back to normal, factories have reopened, and it is planning on further expansion. Its major plans for expansion include China, Germany, and the United Kingdom.

Read other news from the transportation industry here.

Business News, Editor's Choice, Market News, News, Stocks
Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

Related Articles