Surpassing BMW, Mercedes, and others.
According to recent Cox Automotive data, Tesla had the industry's fastest-growing market share during the first quarter.
Tesla has long dominated the electric vehicle market share in the US, but in terms of the broader market, the EV pioneer has lagged behind the legacy automakers.
However, this position has changed rapidly with the increase in the production of Tesla cars and the popularity of electric vehicles.
Now, according to new data from Cox Automotive, Tesla was the fastest-growing automaker by market share in the US during the first quarter, even surpassing many legacy brands.
Cox Automotive found that during the first quarter, Tesla controlled roughly 5.1% of the total market, putting it above brands like BMW, Mercedes, Mazda, Subaru, and even Volkswagen within the US.
Tesla is the brand with the fastest-growing sales in this statistic, up 1.4% from the average from the previous year.
Cox had more good news for Tesla.
While GM remains the overall sales leader, controlling 16.7% of the market, Tesla was the fastest-growing automaker in sales growth among brands, with a market share of more than 2%, growing 39.5% year-over-year, and up 37.6% compared to the Fourth quarter 2022.
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However, it's worth noting that Rivian was the fastest-growing automaker in sales overall, growing 563.8% year-over-year.
Cox calculated that Tesla sold 180,993 cars in the first quarter of this year.
Surprisingly, most of the brands saw higher sales in the first quarter of the year, especially compared to the fourth quarter of last year, which was a sales boom for many major brands.