Tesla's R&D spending 2010-2023

Tesla's research and development spending increased to almost four billion U.S. dollars in 2023. The intensity of investment in recent years has made Tesla the leading electric vehicle manufacturer in the United States. Globally, the company sold around 1.3 million vehicles in 2022.

Tesla’s strategy

Tesla distinguishes itself from its domestic competitors by focusing on electric vehicles. It is currently one of the leading companies globally for electric vehicle sales and has even tapped into the luxury car market. Tesla's vehicles had some of the best battery ranges in 2023. To a certain extent, Tesla increased R&D efforts to also enhance battery quality and range for their electric vehicles.

The path forward

Tesla became the sixth fastest growing brand worldwide in 2023, behind its Chinese competitor BYD. At the end of 2020, common stockholders saw positive returns on their investments for the first time. The company continues to expand its model range throughout 2023, with its Cybertruck model currently in production.