Tesla also faces competition at the higher end of the market from BMW, Mercedes-Benz, Audi, Polestar, Rivian, Lucid and others.
S&P said there are 48 EV models on sale in the U.S. at present, and it expects that to grow to 159 by the end of 2025. Tesla plans to introduce its Cybertruck pickup next year, and a new Roadster at an undefined date, but otherwise its light-vehicle model lineup in 2025 will be the same as it is now, S&P said. The company has plans to deliver some electric semis to PepsiCo on Thursday.
S&P also found that consumers who bought battery-electric vehicles so far this year largely had owned Honda and Toyota vehicles before switching. Both companies have fuel-efficient internal combustion and hybrid models, but have been slow to roll out EVs in the U.S. Toyota has only one model, while Honda won’t have any until 2024.
Tesla’s Model Y small SUV and Model 3 small sedan were the top 2 SUVs, accounting for more than half of all electric vehicle registrations, Brinley said. Ford’s Mustang Mach-E was third, followed by two more Teslas, the Model S sedan and X SUV. Rounding out the top 10 EVs were the Chevrolet Bolt sedan and SUV, Hyundai Ioniq 5, Kia EV6, Volkswagen ID.4 and Nissan Leaf.