Tesla’s EV market share in U.S. falls below 50 percent | Car News

  • 📰 auto123
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 51%

General-Motors United-States 2024 Electric Auto123 News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Tesla's EV market share has fallen below 50 percent in the U.S., which actually represents good news for the development of electric vehicles.

If we're talking about an electric vehicle market today, we owe it to Tesla. Without the EV maker’s pioneering efforts, we'd still be talking about the electric shift as a thing of the future.

But everyone understood that it was inevitable Tesla’s market share would decline with the arrival of more new EVs. It was an easy mathematical calculation. Overall, in the second quarter of this year, sales of electric vehicles rose to 8.0 percent of the total market, compared with 7.2 percent for the same period last year. We're talking about a record quarter for the period April 1 to June 30, 2024. Figures were reported by the Cox Automotive Group.The EV maker’s share of the market in the U.S. was 82.5 percent in the third quarter of 2019. In 2021, it was 77.5 percent. In Q2 of 2024, it sat at 49.7 percent.

To give you an idea of how dominant Elon Musk’s company has been and continues to be despite the drop in market share, behind Tesla and its 164,000+ units sold, Ford in second place is way up the track with 23,957 sales. Its market share stands at 7.2 percent, ahead of Kia and Hyundai at 5.4 and 5.1 percent respectively.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 566. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines