TESLA

Thursday 30 Dec 2021 at 5:02pm

Elon Musk's company grabs 65% of the US electric car market

Tesla, despite seeing its market share decrease, remains the leader in the electric vehicle industry in the US, since during the period from January to September 2022 it held 65% of the “pie” of electric car sales.

From 2018 to 2020, Tesla held 79% of the electric car market, while in 2021 it dropped to 71%. The reason for the drop is the greater competition mainly in cars with a cost of less than 50 thousand dollars, where Tesla only offers one model, the base version of the Model 3.

According to official data, the increase in sales of electric cars this year also led to an increase in their market share by 2.4 percentage points. Of the 525,000 electric cars registered in the first nine months of the year, about 65%, or 340,000, were Tesla cars, with half of the 525,000 cars being Model 3s and Model Ys.

In the same period, Tesla saw its 4 models in the top 5 of electric sales, with the Chevrolet Bolt, Bolt EUV, Hyundai Ioniq5, Kia EV6, Volkswagen ID.4 and Nissan Leaf completing the top 10.

There are currently 48 electric models offered in the US market, with the number expected to grow to 159 by the end of 2025.

S&P Global Mobility Report: Tesla's position is changing as new, more affordable options emerge offering equal or better technology and production. As consumer choice and interest in electric cars increases, Tesla's ability to maintain a dominant market share will be questioned in the future.

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