During the first half of this year, Tesla increased its revenues by 47% year-over-year to roughly $10.9 billion and here we look at the progress in the biggest markets.

The single biggest market is, of course, the U.S. with a revenue stream of $5.8 billion (53%), followed by China.

A recent Electrek article points out that Tesla was able to significantly increase sales in China (by almost 42% to $1.47 billion). It seems that demand for the Tesla Model 3 is strong. Probably strong enough to cross $3 billion this year. Next year, Tesla will be able to increase the volume using the Tesla Gigafactory 3 to lower the prices.

The quickest growth in the top four markets was noted in Norway, where sales increased by 106% year-over-year to almost $800 million. It's impressive taking into consideration the population of Norway. Believe it or not, but in Norway, the Model 3 is the best selling car of any kind.

Sales increase during H1 2019:

U.S.: $5.8 billion (up 41.2%)

China: $1.47 billion (up 41.8%)

Norway: $796 million (up 106%)

Netherlands: $361 million (up 2.4%)

other: $2.45 billion (up 61.5%)

Total: $10.9 billion (up 47.0%)

The minimal growth in the Netherlands is just a result of changes in incentives, which are less favorable to the expensive BEVs. As the sales of Model S/Model X (as well as Jaguar I-PACE for example) surged in 2018 and collapsed in early 2019, most of the revenue comes from the Tesla Model 3. This is why the percentage of growth is low.

Overall, around 100,000 sales per quarter anticipated on average in Q3 and Q4 should put Tesla revenues in 2019 at well over $20 billion.