Sometimes you just need your competitors to advertise for you.
Tesla released first-quarter 2022 earnings yesterday, and once again, it has significantly exceeded Wall Street analysts’ expectations. Surprisingly, CEO Elon Musk was on the conference call. He talked about why Tesla raised prices, and he reiterated the frenzied demand for its cars. Perhaps more interestingly, Tesla confirmed that it had seen a spike in new orders after the Super Bowl.
Tesla doesn’t advertise. It is struggling to fulfill existing orders, so working hard to get more will only mean people will have to wait longer. Musk made it clear that while the price increases could dampen demand, Tesla is actually doing it because it expects the cost of materials for cars closer to the delivery date, possibly more than a year away.
Think just a few years ago, it seemed like most second-hand car manufacturers were working to “resist the sale” of their electric vehicles. Very few advertise their electric cars, they don’t stock them in bulk, and sometimes, some car executives even rail against electric cars and tell people not to buy them. Now it seems Tesla wants to slow down demand for its cars, but it’s those automakers that are helping the U.S. electric carmaker sell more.
Regardless of what Tesla does to limit demand, orders continue to soar. This year’s Super Bowl was flooded with electric car ads from different automakers. Now that electric cars are starting to become a popular trend, people are paying attention. Seeing major automakers backing and promoting electric cars, not to mention their superior performance, has people talking and searching the internet.
Obviously, it also motivates people to order a Tesla. The company has provided this fascinating image on page 8 of its official shareholder table:
You can check the entire package by following the link below:
Electrek noted that Tesla’s order rate again skyrocketed not long after gas prices began to rise in March due to Russia’s invasion of Ukraine. All of this supports Musk’s repeated remarks, “It’s clear that we’re not limited in terms of demand, we’re limited in terms of production.” Can Tesla catch up?