Tesla Model 3 Dethrones Toyota Camry

Tesla Model 3 Ends Toyota Camry Win Streak

In a 28 year run, the Toyota Camry has been upended by the Tesla Model 3 as the best selling mid-sized sedan vehicle in Australia. This is for ALL vehicles, not just electric vehicles. This is a huge milestone for Tesla.

For 2022, the best selling EVs in Australia are as follows:

Tesla Model 3: 10,877
Tesla Model Y: 8,717
BYD Atto 3: 2,113
Polestar 2: 1,524
MG ZS EV: 1,119
Hyundai Kona: 1,096
Volvo XC40 Recharge Pure Electric: 983
Hyundai Ioniq 5: 756
Merceds-Benz EQA: 624
BMW iX3: 593.

Note, the Toyota Camry gas car registered 9,538.

BYD is a distant third in the best selling electric vehicle in Australia. This shows that Tesla is continuing to grow its market share around the world and EVs are still in their infancy, with about a 6% global adoption rate.

Source: driveteslacanada.ca

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Future of Tesla Model 3

The Tesla Model 3 is Tesla's luxury sedan. I own a Tesla Model 3 RWD and it has been a great vehicles so far. The only maintenance i've needed was some washer fluid and a seat repair which Tesla did for free and under warranty.

Tesla's Project Highland in Fremont, California, is going to be an important project for the Model 3 because Tesla is going to need to reduce the cost to produce a Model 3. This is because price cuts are eventually going to come to the U.S. and other places around the world like they have with China.

When the economy slows down, prices tend to drop and follow that slow. When the economy heats up, prices tend to go up due to the increased demand. It's an eb and flow cycle.

I expect Tesla to reduce the cost to make a Model 3 by around $3,000 in a base case and $5,000 in a bull case with Project Highland. This would allow them to drop the price of the Model 3 RWD to $43,990 and even lower if Tesla needed to in the U.S. A $40,000 Model 3 RWD would be over $5,000 less than the average U.S. vehicle.

What do you think about the Tesla Model 3 ending the Toyota Camry's win streak? Will it beat other vehicles like this over time?

In Related News: Tesla Model Y to Lead European Car Market

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Jeremy Johnson is a Tesla investor and supporter. He first invested in Tesla in 2017 after years of following Elon Musk and admiring his work ethic and intelligence. Since then, he's become a Tesla bull, covering anything about Tesla he can find, while also dabbling in other electric vehicle companies. Jeremy covers Tesla developments at Torque News. You can follow him on Twitter or LinkedIn to stay in touch and follow his Tesla news coverage on Torque News.

Image Credit, Tesla, Screenshot