Tesla: Model 3 outsold all other midsize premium sedans in July

Tesla: Model 3 outsold all other midsize premium sedans in July

by Justin King

Based on trade-ins, the company says it is drawing customers from other segments including non-premium sedans and hatchbacks.

Tesla claims the Model 3 has quickly climbed to the dominant position among midsize premium sedans in the US.

By the end of July, the Model 3 is said to have accounted for 52 percent of the segment overall -- outselling all other midsize premium sedans combined.

"The popularity of Model 3 is a true testament to the product," Tesla wrote in its quarterly update to investors.

Based on trade-ins, the company says it is drawing customers from other segments including non-premium sedans and hatchbacks.

At the end of Q2, the Fremont factory began rolling out the performance version of the dual-motor AWD Model 3. Notably, the company has not yet begun selling the true 'entry-level' base model, which promises to have a $35,000 price tag.

"Demand will accelerate even further once we offer leases, less expensive variants, and orders outside of North America," the investor letter said.

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