The post Global EV adoption hits record high; What it means for Tesla stock appeared on BitcoinEthereumNews.com.

Over the past decade, the electric vehicle (EV) industry has surged forward, emerging as one of the most rapidly expanding markets in the world.  In 2011, global EV sales tallied approximately 55,000 units, but by 2021, that number had skyrocketed to nearly 7 million vehicles, showcasing the remarkable growth of the EV sector.  Although many question this, this upward trajectory has continued into 2023. According to SEC-registered investment adviser, Gary Black, the global EV adoption reached a new record, surging to 11.8% in Q3 2023, up from 10.7% in Q2, and a substantial leap from 10.1% in 2022’s third quarter. Global EV adoption in recent quarters. Source: Gary Black “The MSM [mainstream media] narrative that EV adoption is suddenly stalling is nonsense.” – Black wrote in his November 8 post on X. That said, the Future Fund’s Managing Partner believes global EV adoption will hit 13% in the current fourth quarter, up from 11.2% in the same period last year.  What does this mean for Tesla? In his extensive X thread, Black also addressed the vital role of the EV industry’s biggest giant, Tesla (NASDAQ: TSLA), and its recent market share decline. He said that the carmaker’s overall share in the global light EV market dipped in the third quarter due to its transition from Model 3 to Model 3 in China. The move left no inventory of the regular Model 3 in Europe and China, however, Black expects this to change in the fourth quarter as Tesla ramps up production and deliveries. Furthermore, the long-awaited Cybertruck is expected to spark interest “in the entire TSLA franchise,” he noted.  2/ $TSLA overall share dipped in 3Q due to the transition from M-3 to M-3 Highland in China, which left no inventory of M-3 in China and Europe. This will reverse…

---

Filed under: News - @ November 9, 2023 4:12 pm