Reports about Tesla Model 3’s success have been circulating recently. The electric sedan has been so successful that it helps the company earn more and recover financially. Meanwhile, their rival companies are also getting affected with Tesla taking parts of the sedan market.

Tesla CEO Elon Musk wasn’t kidding when he said that the company was actually breaking its records despite the negative press surrounding the company. Prior to his announcement, Tesla was not looking well as the company was struggling to keep up their supply of cars with the customer demand. The company was reported to have not enough production strength to keep up.

However, immense growth for Tesla’s sales on its Model 3, S and X has been recorded as of this quarter compared to the same quarter last year. The Model S and X have received some slight growth while the Model 3 got up to 320 percent in their second quarter.

As seen in this chart from the official Tesla reddit, Volkswagen Jetta's 41 percent and Dodge Charger's 35 percent growth is dwarfed compared to the Model 3's 123 percent growth last May 2019. Tesla Model 3's strength is undeniable as of late.

Meanwhile on another Tesla subreddit thread, Europeans like the Tesla Model 3 due to its size. The Model 3's frame is just enough to fit in parking spots and not be too much of a big obstacle when parked in the streets even they're narrow. Fans from Europe think that this will be the reason why the Model 3 will be a popular pick in the coming years.

Stateside, the Model 3’s immense growth reflects on the American sedan market as rival company sedans are selling less because of the popularity of Tesla’s electric sedan. BMW has been in bad spot due to Tesla’s success as many customers prefer Model 3's than their sedans. Meanwhile, Ford has been doing better than Tesla, according to Forbes. At best, Tesla puts itself in a position that older car companies will have to take the competition seriously to stay afloat.

Even though the company has been successful, Tesla still has a long way to go to keep their company financially profitable. The company is still in debt and is hoping that its electric car products will be able to provide the money for the company. If not, Musk foresees that the company will go under in 10 years if they can’t keep this up.

Tesla car battery Pictured: US electric vehicle maker Tesla Motors Inc. Battery Technology Director Kurt Kelty (R) introduces its premium electric Model S sedan's chassis and battery units during a press preview in Tokyo on August 30, 2012. Photo: AFP/GettyImages/Kazuhiro Nogi