Tesla’s revenue grew to nearly 96.8 billion U.S. dollars in the 2023fiscal year, an 18.8 percent increase from the previous year. The United States is Tesla's largest sales market.
Revenue rises on model additions
More than 78.5 billion U.S. dollars of the company's revenue is generated from Tesla's automotive segment, which includes the design, manufacturing, and sales of vehicles. As of March 2020, the electric vehicle (EV) maker has a model range that includes the Tesla Model S, Tesla Model X, Tesla Model 3, and the Tesla Model Y. The production of the anticipated Cybertruck, the brand's light truck model, has been delayed. Production for the model started in November 2023.
Model 3 legacy
The Model Y has emerged as Tesla's best-selling vehicle, leading the ranking in worldwide plug-in vehicle sales in 2023. In June 2021, the Model 3 became the first electric car to pass one million global sales.
Much of Tesla’s spending has specifically been on production of its Model 3 and Model Y, a strongly popular vehicles with high demand. One response to this surge in popularity for the Model 3 was Tesla’s 2018 purchase of land for the construction of a Gigafactory in Shanghai, China. A factory within China provides Tesla steady access to the Chinese electric vehicle market, a consistency welcomed in the midst of tensions between the U.S. and China over trade policies.
