Tesla overtakes BMW as the top luxury brand in the US for the first time

Now it’s official… sort of.

Tesla (TSLA) has overtaken BMW (BMW.DE) as the top luxury brand in the US, according to new vehicle registration data compiled by Experian in partnership with Automotive News.

Experian data shows that among all luxury brands, regardless of powertrain, Tesla registered 484,351 new vehicles last year, compared to BMW in second place with 327,929 new registrations. This Tesla figure represents a 41% increase over 2021, with BMW registrations falling 4% over the same period.

Since Tesla does not break down its vehicle sales data by region, registration data is the next best metric for tracking US vehicle sales.

Experian says Tesla’s 2022 registration data is the first time an electric vehicle maker has ranked #1 in the luxury segment, which is notable as other luxury car makers’ product portfolios are dominated by gasoline-powered and hybrid vehicles. Experian notes that last year BMW had only about 14,000 electric vehicles registered, while Mercedes, which placed 3rd (MBG.DE), had about 11,500 registered electric vehicles.

Overall data from Experian shows that new luxury car registrations fell 3.5% compared to 2021, to 2.18 million units. Luxury sales have been a strong profit driver for automakers, and obstacles such as component shortages have made it difficult for automakers to sell more of these vehicles.

Maplewood, Minnesota.  Tesla car dealership.  Cars at charging stations.  Tesla Inc.  is an American electric vehicle and clean energy company.  (Photo: Michael Siluk/UCG/Universal Images Group via Getty Images)

Maplewood, Minnesota. Tesla car dealership. Cars at charging stations. Tesla Inc. is an American electric vehicle and clean energy company. (Photo: Michael Siluk/UCG/Universal Images Group via Getty Images)

Other luxury brands in the top ten? The only other besides Tesla to see a profit in 2022 was the GM (GM) division of Cadillac, with 133,000 registrations, up 6.5% from the same period in 2021. Cadillac vehicles such as the new all-new Escalade SUV and the Blackwing CT4 and CT5 performance sedans have spurred sales for the American luxury brand.

As for BMW, it’s not all bad news. It has just been named Top Brand in the Consumer Reports 2023 Automotive Brand Rankings. A Yonkers, NY-based publication says BMW makes “the most efficient, safest and most reliable vehicles based on independent CR testing and member surveys.”

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and beyond Instagram.

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