Multiple automakers’ new electric vehicle models are beginning to erode Tesla’s hegemony in the United States. According to data on national car registrations, the EV market.
However, data gathered by S&P Global Mobility reveals that during the first nine months of this year, Tesla continued to have a 65% share of the expanding electric vehicle industry.
And in the sticker price band below $50,000, where Tesla hardly competes, the rivals made gains.
Tesla held around 80% of the EV market from 2018 to 2020. According to Stephanie Brinley, an associate director for S&P, its proportion fell to 71% in 2021 and has since declined.
According to S&P Global Mobility, “Tesla’s position is shifting as new, cheaper options emerge, delivering similar or superior technology and manufacturing build.”
“Tesla’s capacity to keep a dominant market share will be challenged moving forward, given that consumer choice and consumer interest in EVs is expanding.”
Electric car market share in the United States increased by 2.4 percentage points this year, to 5.2% of all light vehicle registrations, according to S&P.
Approximately 65%, or 340,000, of the 525,000 electric vehicles registered during the first nine months of the year were Teslas, according to S&P.
Despite having a reduced market share, Tesla’s sales will continue to rise as consumer enthusiasm increases, according to Brinley. “Tesla will continue to dominate the EV market in 2022 as long as competitors are constrained by production capacity,” she stated.
Many rivals, including Ford, General Motors, Hyundai, Kia, and Volkswagen, cannot run their facilities entirely to meet demand because they lack computer chips and other parts.
At the upper end of the market, Tesla is also up against rivals like BMW, Mercedes-Benz, Audi, Polestar, Rivian, and Lucid.
According to S&P, there are currently 48 EV models available for purchase in the United States, and by the end of 2025, that number should increase to 159.
S&P stated that Tesla’s light-vehicle model portfolio in 2025 will be the same as it is now, except for the Cybertruck pickup truck that will be unveiled next year and a new Roadster that will be released at an undisclosed time.
On Thursday, the business intends to deliver some electric semis to PepsiCo.
Additionally, S&P discovered that most buyers who have purchased battery-electric vehicles this year previously owned Honda or Toyota automobiles.
Both firms produce fuel-efficient internal combustion and hybrid vehicles, but EV adoption in the United States has been sluggish. Honda won’t provide any models, while Toyota will.
According to registration data, the Model Y small SUV and Model 3 small sedan were the top two SUVs, accounting for more than half of all electric vehicle registrations, according to Brinley. Third place went to Ford’s Mustang Mach-E, followed by two more Teslas, the Model S sedan, and X SUV, and the Chevrolet Bolt sedan and SUV, Hyundai Ioniq 5, Kia EV6, Volkswagen ID.4, and Nissan Leaf completed the top 10.