Competitors chip away at Tesla's U.S. electric vehicle share
New electric vehicle models from multiple automakers are starting to chip away at Tesla’s dominance of the U.S. EV market, according to national vehicle registration data
DETROIT (AP) — New electric vehicle models from multiple automakers are starting to chip away at Tesla's dominance of the U.S. EV market, according to national vehicle registration data.
But numbers collected by S&P Global Mobility show that Tesla still controlled about 65% of the growing electric vehicle market during the first nine months of this year. And the competitors made gains in the sticker price range below $50,000, where Tesla barely competes.
From 2018 through 2020, Tesla had about 80% of the EV market. Its share dropped to 71% in 2021 and has continued to decline, said Stephanie Brinley, an S&P associate director.
“Tesla's position is changing as new, more affordable options arrive, offering equal or better technology and production build,” S&P Global Mobility said in Tuesday. “Given that consumer choice and consumer interest in EVs is growing, Tesla's ability to retain a dominant market share will be challenged going forward.”
