15 Fastest Growing Automotive Brands in the World

2. Tesla Inc. (NASDAQ:TSLA)

Compound Annual Growth Rate from 2018 to 2023: 35.15%

Tesla Inc. (NASDAQ:TSLA) is a prominent American multinational automotive company specializing in the design and manufacture of electric vehicles. In 2023, Tesla’s Model Y emerged as the world’s best-selling vehicle, achieving sales of 1.2 million units, driven by its competitive pricing starting at $45,000. However, the lowered prices impacted the company’s financial performance in Q4 2023. The company reported a modest 3% revenue growth while experiencing a significant 23% drop in gross profit year-over-year.