S&P Global Mobility released new EV sale data that shows Tesla still owns the US EV market, but it is losing market share.
But when you had close to 100% of the market, there’s only one way to go, and that’s down. . . .
For the entire year of 2020, Tesla vehicles accounted for 79% of new electric vehicles registered in the United States. In 2021, that number went down to 69.95%, but that’s still impressive with EV delivery volumes significantly increasing throughout the year along with Tesla’s prices.
Now in 2022, new data released by S&P Global Mobility today shows that Tesla still dominates with 65% of market share this year through the first nine months:
Although U.S. electric vehicle registrations remain dominated by Tesla, the brand is showing the expected signs of shedding market share as more entrants arrive. Much of Tesla’s share loss is to EVs available in a more accessible MSRP range – below $50,000, where Tesla does not yet truly compete.
Out of the more than 525,000 EVs registered over the first nine months of 2022 in the US, nearly 340,000 were Tesla vehicles.
When you look into the luxury EV market (over $50,000), Tesla’s dominance is even clearer with 85% market share. . . .
However, some of those new EV models from other automakers are expected to reach high-volume production within the next three years and start challenging Tesla’s dominance in the US.
In fact, S&P thinks that Tesla’s US EV share will drop to below 20% of the overall market by 2025 which means that either Tesla will have to falter or the rest of the industry will have to go all out in the next three years. Or more likely both. . . .