Tesla Inc. (TSLA) is on a roll. Having hit its production goal to churn out 5,000 Model 3 sedans per week, the car maker has slowed its cash burn rate and is gearing up to build a plant in China. Not to mention its strong stock showing on the back of its second-quarter earnings.
Now the electric car maker has another milestone to tout on Twitter: its Model 3 sedan cracked the top 10 list for best-selling passenger cars for the month of July.
According to Goodcarbadcar, which analyzes sales data for the automobile industry, during the month of July, Tesla sold 14,250 Model 3 sedans, with it selling 38,617 year-to-date. That puts the electric vehicle in seventh place in terms of every passenger car sold in the U.S. last month. The sales data covers full-priced vehicle sales that were delivered. It does not include deposits on or reservations for cars. Notably, the Model 3 did better in terms of sales than a host of well-known car models including the Ford Mustang, Toyota Prius, and Hyundai Elantra. (See more: Shorts Are Sticking With Tesla Despite $1.7B Loss.)
Toyota Corolla In First Place During July
Coming in first place in July was the Toyota Corolla family of passenger vehicles, which sold 26,754 cars. Meanwhile, the Toyota Camry and Honda Civic were tied for second place with 26,311 vehicles sold. Rounding out the top three was the Honda Accord which sold 24,927 cars during July. None of General Motors (GM) passenger cars made it onto the list.
Tesla's strong showing comes amid a lackluster sales month for passenger cars, according to Goodcarbadcar data. The industry has one day less to sell cars in July. As for Tesla, the researcher said the increased production during the second quarter helped it reach its seventh-place status. “With Elon Musk’s company having doubled its output compared in Q2 compared with the same period in 2017, its foray into the entry-level luxury EV market has given the segment somewhat of a shock,” Goodcarbadcar.net wrote. “For comparison, in July BMW sold 3185 3-Series’, while Mercedes-Benz sold 3,841 examples of the C-Class. In the same period, Tesla sold in the region of 14,000 Model 3s.” (See also: Tesla Plans to Invest $5B in Chinese Factory: Report.)
Tesla To Ramp Up Model 3 Production
Late Wednesday, Tesla reported its biggest quarterly loss ever, losing more than $717.5 million, and said it burned through $430 million in cash. The burn rate was less than expected, which sent shares up. The company said it is aiming to ramp up to 10,000 Model 3 units per week. During the third quarter, it expects to lift production to between 50,000 and 55,000 Model 3 units.