Tesla’s market share in the US electric car market has dropped below half for the first time. The company led by Elon Musk is facing increasing competition in its once dominant field.
Cox plans to release the full electric vehicle sales report for the second quarter on July 11, but recent communication revealed some data, including Tesla’s declining market share. Here are the numbers: Tesla’s sales in the US dropped by 6.3% in three months. Strong electric vehicle sales from General Motors, Ford, Hyundai, and Kia drove the total electric vehicle sales in the US to 330,463 units in the second quarter, an 11.3% year-over-year increase, breaking the previous record of 317,168 units in the fourth quarter of last year. In the second quarter of this year, electric vehicle sales accounted for 8% of total US vehicle sales, higher than 7.1% in the first quarter and 7.2% in the same period last year. Stefanie Valdez Strait, Industry Insights Director at Cox Automotive, said in a statement: “Despite Tesla’s continuing sales decline and its electric vehicle sales share falling below 50% for the first time, the overall competitive landscape for electric vehicles is intensifying.” “This will lead to continued price pressure, helping to drive a slow increase in the adoption of electric vehicles. Automakers that offer the right products at the right prices and provide excellent consumer experiences will lead this trend.”