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Tesla’s share of the electric vehicle market in the U.S has dipped below a key level, a testament to improved competitor EV offerings.
Tesla’s share of US EV sales fell below 50% for the first time, to 49.7%, Cox Automotive reports.
Tesla’s declining sales did not affect the overall market as Cox estimates overall EV sales grew to approximately 8% of the total market, up from the 7.2% seen in Q2 last year, in what it calls a “record-breaking” quarter.
Tesla’s market share hit a high of 82.5% in Q3 of 2019 and has been steadily declining ever since. The steepest drop has occurred in recent quarters, starting in Q4 2021, when Tesla’s market share stood at 77.5%.
Tesla’s slide in market shares coincides with a dip in Q2 deliveries. Tesla said it delivered 443,956 vehicles during the second quarter, higher than the 386,810 vehicles globally delivered in the first quarter but lower than the approximate 466,140 delivered a year ago.
Cox found that Ford’s Mustang Mach-E, Ford Lightning EV pickup, and E-Transit cargo vans have put it in second place with a 7.2% share. Kia, its sister brand Hyundai, and BMW rounded out the top five.
GM’s Cadillac took top honors with EV sales growth of over 440%, powered by its LYRIQ midsize EV SUV. Toyota also saw its lone EV — the bZ4X — grow sales to over 7,000 units in Q2 (from 2,000 a year ago), though reportedly with big discounts.
