Don’t go pulling the plug on the electric-luxury automobile in the U.S. market just yet.
Tesla Motors is forecasting that it could commandeer a 9% share of the full-size luxury sedan market in the U.S. in 2013.
Investor’s Business Daily reported on Monday that Tesla Motors plans to deliver substantially more of its Model S sedans than it originally expected. The breaking of the favorable news is likely why the price of firm’s stock traded at 7% increase on July 1. The big-luxury automobile market accounts for 10.4% of all car sales in the U.S. through May, IBD reports.
The forward-thinking firm anticipates selling 21,000 Model S cars in 2013 and competing for market share with the BMW 5 Series and 7 Series, the Mercedes E/S class, and Volkswagen's Audi A6, A7 and A8, and the Porsche Panamera.
Tesla's stock has more than tripled this year and is trading near 115 while shares of larger public carmakers by market cap — Toyota, Honda (HMC), Ford (F) and General Motors (GM) — were up 2% to 21% amid rebounding auto sales overall.