Tesla says these are the 5 cars people are trading in for the Model 3 (TSLA)
- Tesla revealed which cars are most commonly traded in for the Model 3 during the company’s Q2 2018 earnings call.
- According to Tesla, the Honda Accord, Honda Civic, Toyota Prius, Nissan Leaf, and the BMW 3 Series are the five most commonly traded models.
- Even though Tesla sees the Model 3 competing with entry-level luxury sedans, it is actually conquesting mostly mass-market vehicles.
- The five models listed by Tesla are also some of the best vehicles in their respective market segments.
Tesla revealed the cars people are giving up in favor of its Model 3 sedan on Wednesday during the company’s second quarter 2018 earnings call.
According to Tesla, the most commonly traded in models include the Honda Accord, Honda Civic, Toyota Prius, Nissan Leaf, and BMW 3 Series.
Even though Tesla sees the Model 3 as a rival for entry-level luxury sedans the most commonly traded in vehicles, apart from the 3 Series, are actually from mass-market brands.
While operating at different price points, each of these five models are all sales leaders in their respective segments of the marketplace. Through June, the Honda Civic is the best-selling compact sedan in the US while the Accord is the second best selling mid-size sedan. The Prius is the best selling hybrid in the US while the Nissan Leaf has been the best selling EV in the US since its introduction nearly a decade ago.
As a result, it’s not surprising to see any of these vehicles on the list.
As for the Model 3, Tesla announced during the call that it has reached 5,000 cars in weekly production several times during the second quarter.
Moving forward, the company expects to make 6,000 Model 3s per week by the end of August and a total of 50,000 to 55,000 during the third quarter. In 2019, Tesla hopes to make up to 10,000 Model 3 per week.
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