Tesla can still dominate US EV market, but rivals are catching up

November 30, 2022 By Aaem Joshi

(Image Credit Google)

According to national vehicle registration data, a number of manufacturers are challenging Tesla's hegemony in the US market with their new electric car models, eroding a little piece of the EV giant's hegemony. According to data acquired by S&P Global Mobility, Tesla maintained its 65% market share of the growing electric car sector in the first nine months of 2022. In the sticker price range below $50,000, where Tesla barely competes, competitors, according to an AP analysis, made considerable gains. Between 2018 and 2020, Tesla controlled over 80% of the EV market. Stephanie Brinley, an associate director for S&P, claims that this proportion dropped to 71% in 2021 and has since been falling. tesla model y

As more accessible solutions with comparable or better technology and production quality become available, S&P Global Mobility observed that Tesla's position is changing. Also Read: Is Tesla Phone Really To Happen? See all details inside The data company also notes that over time, Tesla's dominance in market share is anticipated to face challenges due to the increased interest in the EV market. S&P reports that this year saw an increase of 2.4 percentage points in the market share of electric vehicles in the US, bringing it to 5.2% of all light vehicle registrations. According to data from S&P, 340,000, or 65%, of the 525,000 electric vehicles registered in the first nine months of 2022 were Teslas. new-porsche-taycan-turbo-gt-with-more-than-1,000-horsepower-rumored-to-rival-the-tesla-model-s-plaid

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Brinley pointed out that more people are becoming interested in the EV industry, therefore Tesla will continue to grow its sales even with the smaller market share. She continues by saying that the manufacturer will continue to rule as long as competitors are limited by their ability to produce. Due to a shortage of computer chips and other components, Tesla's competitors GM, Kia, Hyundai, Volkswagen, and Ford are currently unable to operate their plants at total capacity to satisfy EV demand. What Will Tesla Do Next? S&P forecasts that other than the Cybertruck pickup truck, which will be unveiled next year, and a new Roadster, which will go on sale at an unannounced period, Tesla's light-vehicle model lineup will remain the same in 2025. S&P also found that the vast majority of those who bought EVs had previously driven Honda or Toyota cars.

By Aaem Joshi

I am a Journalist who loves digging up stories that remain unheard. Strongly Believe in the knowledge of the social world.

Tesla can still dominate US EV market, but rivals are catching up

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