Using data from the IHS, Morgan Stanley projects that Tesla’s Model 3 and Model Y alone could represent roughly half of the Global EV market by 2020. The report furnishes details regarding the progression of EVs, over the last few years and also makes projections regarding the future growth of technology in this sector.
Alongside this, Tesla revealed its ambitious plans to increase its annual production capacity to 500,000 vehicles in 2018 with new Model 3 production. It’s production capacity is greater than any other all-electric car manufacturer today.
Musk in a recent interview stated that, he sees demand for the small SUV to be even higher than Model 3. Last year, he said that he anticipates demand for the Model Y to land between 500,000 to 1 million units per year – versus around 500,000 units for Model 3.