Tesla Model 3 sales could be 'cannibalized' by Model Y crossover, Bernstein says

The new Tesla Model Y is introduced. Tesla has expanded its model range to include an SUV based on the current Model 3.
Hannes Breustedt | picture alliance | Getty Images

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A top tech analyst worries that Tesla may see a dip in sales soon from "cannibalization," a factor that's plagued other luxury automakers in the past.

Bernstein's Toni Sacconaghi wrote in a note to investors on Tuesday that, at the surface level, demand for Tesla's coming Model Y "appears promising." The crossover electric vehicle offers Tesla the opportunity to tap into the high demand SUV market, which sees sales of over 700,000 vehicles in the U.S. per year according to Bernstein.

But, despite the massive market potential, Sacconaghi says the key question remains whether Model Y will cannibalize sales of Tesla's most popular Model 3. The former vehicle is essentially an SUV variant of the latter sedan, a tactic other automakers often take.

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