Tesla is expanding his brand all over the world. This last quarter was the best in terms of cars delivered in the history of the company with 95,200 vehicles delivered. And while the company focuses on big markets like Europe, Asia and the United States there are hidden gems like the market of Tesla Puerto Rico that can help Tesla achieve their goals.
Why Tesla Puerto Rico
There a lot of news coming out from this island lately, not all of them are good news. But there is something nobody can argue. The fact is that puerto ricans still buying cars at an increasing rate every year.
And if we throw to the equation that Puerto Rico has one of the best laws of incentive for the industry of electric cars in the world. Is a matter of time for car manufactures to focus their effort to come to the island to try to win the lottery.
Law 81 of 2014
The Law 81 incentive the industry giving full exemption of tax payment of all electric vehicles. This will be in effect until the fiscal year when for the first time ten percent (10%) of the total of cars introduced from abroad or manufactured in Puerto Rico are vehicles driven mainly by electricity.
Tesla Puerto Rico Market
It’s important to say, the market of Puerto Rico is quite small compared to the big states.
The data from the United Group of Car Importers of Puerto Rico (GUIA) showed that since 2014 and average of 86,703 car have been sold in the island.
While these numbers cant compare to the big states, there is one state that shares the same characteristics of Puerto Rico and can lead us for examples to follow. Aloha Hawaii!!!
Hawaii Vs Puerto Rico
According to the Auto Alliance Org Hawaii sold 88,909 cars in 2018. These is 18,000 less cars sold compared to Puerto Rico numbers the same year.
The difference is that Hawaii right now is enjoying of 3 store and 1 Service and Delivery Center near Honolulu. While Puerto Rico only enjoy of Tesla Services that comes to the Island every 2 month.
Mi Tesla knows that adoption is important for Tesla to invest. Tesla Puerto Rico have approximately 250 Tesla owners right now. The community is growing fast and we believe that with the Tesla presence that community will increase exponentially.
Puerto Rico sentiment about Tesla
Tesla is very recognized in the island but with the passing of Hurricane Maria theTesla brand position even more inside the puerto ricans hearts.
Tesla effort to bring power to the island was huge. The company restored the power of Children’s Hospital of Puerto Rico during the catastrophe and direct 11,000 projects to help the island get power.
We have about 11,000 projects underway in Puerto Rico
— E (@elonmusk) June 3, 2018
Also at Mi Tesla and at Tesla Puerto Rico on Facebook we feel everyday the love of the Tesla fans. Our community have growth to 11,000 followers and most of them want their next car to be a Tesla.
With our heart puerto ricans have demonstrated we can achieve everything we want. Right now we are more united than ever. But we have an expression that said “Por chavos baila el mono” meaning that we know that our hearts and feelings aren’t sufficient, we need to be rentable.
Also We need to show Tesla that Puerto Rico can have a good stream of revenue to make a real statement for us. That is the focus of my research and I will showing the interesting numbers I found in my journeys making this analysis!!
Tesla Puerto Rico Forecast
We used Alteryx to analyze the data of Puerto Rico car sales (GUIA) from January 2014 to May 2019.
The method of Time Series was used to analyze the data. We made two Forecast for Tesla sales for 12 month ahead. One with premium brands only and the second with all vehicles brands. The Data-set is available from My drive if someone want to play and do analysis with it. I will left the link in the comments section.
- Alfa Romeo
- Land Rover
Forecast – Tesla car sales stealing market from competitors. Average sales price $50,000 and gross margin 20%.
This analysis doesn’t take into consideration that right now Puerto Rico market sales are 48.7% SUV and 38.1% Sedan the rest is Commercial Vehicles. But is important to notice that the SUV sales are good for the coming Tesla Model Y positioning.
In conclusion, we believe the strong market car sales of Tesla Puerto Rico could help the Tesla achieve their goals. They only have to establish a presence in the island and use the brand recognition to steal market share from other brands.
The Forecast we made position Tesla making from 5 to 54 millions in revenue and can complement the energy sector because puerto ricans love Tesla batteries too.
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