Tesla's U.S. Market Share Is In. The Quarterly Number Isn't Good.

📆 10/12/2023 4:14 PM
📰 MarketWatch

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The company had just 50% of U.S. sales of electric vehicles in the third quarter. That low figure highlights the need for new models and more output.

Tesla’s U.S. market share took a surprising dive in the third quarter, highlighting three things: Elon Musk’s company isn’t immune to competition and needs more models, not to mention a rebound in production.

That means Tesla’s market share in the third quarter was 50%, down from 59% in the second quarter and from 64% in the third quarter of 2022. Investors know, to some extent, that Tesla can’t keep 60% of the EV market forever. There are too many other cars for buyers to consider. In the third quarter of 2023, seven brands sold more than 10,000 units, not counting Tesla. A year ago, only two other brands sold 10,000 units in the quarter.

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