Tesla the BIGGEST Auto Group After GM and Fiat Chrysler Slump

(ThePatriotSource.com)- Gone are the days of the Detroit old guard car manufacturers dominating the auto market in America. Electric car company Tesla enjoyed yet another success on Wednesday, becoming the richest car company in the United States. It comes as the company prepares to release its latest innovative vehicle, the electric “CyberTruck” that completely redefines the truck category.

Elon Musk, the billionaire behind Tesla and Space X, has watched his company’s share prices rise gradually and steadily since last year. As well as the CyberTruck, which generated huge international interest for the American company, the brand is preparing to release the Model 3 vehicle that will be more affordable priced.

Tesla may be the richest auto company in America, but that doesn’t mean they sell more than the rest. In fact, Tesla sells only a small fraction of the numbers of the auto giants in the United States, but continues to grow in popularity because of Musk’s vision of redefining the industry. A slump in sales for the “Big Three” in Detroit was expected because of the ongoing economic impact of the Chinese coronavirus. It has resulted in a reduction in production, and in demand. People aren’t buying cars right now…or at least, regular cars.

General Motors and Fiat Chrysler did, however, note that sales have slowly begun increasing as the lockdown measures have been relaxed slightly in many parts of the United States. General Motors admitted that the recent spike in coronavirus cases in some parts of America, including Florida and Texas, means the industry is still experiencing uncertainty and will likely continue to for the rest of the year.

Sales for General Motors dropped by some 34% in the second quarter of 2020, compared to sales during the same period last year. In a press release, GM said that their “very lean” inventories mainly included sport utility and pickup vehicles.

Conventional auto companies are following suit from Tesla, increasing online sales and including the option to deliver cars to customers. It’s something Tesla has done for some time now, and something automakers are beginning to realize is something customers actually want.