Tesla Inc. is on the verge of losing a key bragging right it’s held for the past six years: outselling all EV competitors in the US combined.
In the 12 months through May, Tesla sold approximately 618,000 electric cars in the US, compared with about 597,000 fully electric vehicles sold by other manufacturers, according to the latest figures from Marklines, a provider of monthly auto industry sales data. Next week, carmakers are slated to report second-quarter sales, which will include popular new models from General Motors Co., Hyundai Motor Co. and its affiliated Kia Corp.
Tesla no longer makes a majority of America's electric vehicles, The New York Times reports, citing data from research firm Cox Automotive. Its share
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Sharing is the joint use of a resource or space. It is also the process of dividing and distributing. In its narrow sense, it refers to joint or alternating use of inherently finite goods, such as a common pasture or a shared residence.
The first reason for Tesla's decline is obvious. Growth can't continue forever, especially when the range is still limited and quite old. The Model 3 received a refresh in 2023 but it dates to 2017. The Model Y is already five years old, and the Model S goes way back to the early 2010s.
In short, Tesla seems to be getting back on its feet in the largest EV market on the planet by far. In Europe, looking at July data, the Tesla Model Y is still the top selling EV on the continent, but its registrations were actually down 16% year over year. The Model 3, meanwhile, was down 14% year over year.
The Electric Vehicles market in the United States is projected to reach a revenue of US$94.9bn in 2024. It is expected to show an annual growth rate (CAGR 2024-2029) of 10.49%, resulting in a projected market volume of US$156.3bn by 2029.
When it comes to the electric vehicle (EV) market, China is leading the charge ahead of traditional automotive juggernauts like Germany and Japan. China's new EV sales increased by 82% in 2022, accounting for nearly 60% of global EV purchases.
Tesla no longer makes a majority of America's electric vehicles, The New York Times reports, citing data from research firm Cox Automotive. Its share of the market fell to 49.7% in the second quarter, compared with 59.3% in the same period a year earlier.
"This increased competition is leading to continued price pressure, gradually boosting EV adoption." Tesla's chokehold on the US electric vehicle market has been waning for a few years as more companies release their own electric models.
It's still the biggest name in electric vehicles, with 51 percent share of the market in the US, according to Cox Automotive. But that's down from 65 percent in 2022, as more automakers beef up their EV lineups with viable alternatives and Tesla's competition heats up. But more models haven't translated to more demand.
Tesla has been forced to cut prices and boost incentives to drum up sales of its aging vehicle line-up. Musk said rivals "have discounted their EVs very substantially, which has made it a bit more difficult for Tesla".
Tesla's sales decline comes as competition is increasing from legacy and startup automakers, which are trying to nibble away at the company's market share.
Batteries are expensive, and legacy automakers are still figuring out how to make EVs. That means they're more expensive to make than gas-powered cars — and therefore, less profitable.
EPA estimates that 56 percent of cars and light trucks will be fully electric by 2032 and 13 percent will be plug-in hybrids — which use a combination of batteries and gas.
After years of rapid expansion, electric vehicles sales growth in California trended down in the middle of last year and now has turned negative: 101,443 all-electric cars were registered in the state in 2024's second quarter, down from 102,730 in the second quarter of 2023, a drop of 1.2%.
The US will see 29% EV sales, slowed by election-related uncertainties. Japan lags behind, but emerging economies like Brazil and India will experience rapid growth. Overall, the global EV fleet will expand to over 132 million by 2027, up from 41 million in 2023.
According to Nova One Advisor, the U.S. electric vehicle (EV) charging infrastructure market size was estimated at USD 4.10 billion in 2023 and is projected to hit around USD 53.14 billion by 2033, growing at a CAGR of 29.2% during the forecast period from 2024 to 2033.
In 2023, 4% of U.S. adults said they owned an electric vehicle; in 2024, 7% did. There has been an equal decline in the percentage who are seriously considering one. Meanwhile, more (48%, up from 41%) say they would not buy an electric vehicle, while fewer (35%, down from 43%) say they might consider one in the future.
China is by far the biggest player when it comes to EVs. In 2022, 22% of passenger vehicles sold in China were all-electric, which adds up to 4.4 million sales. That's higher than the 3 million EVs sold in the rest of the world combined.
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