New data on EV sales from S&P Global Mobility shows that Tesla still controls the US EV market, but it is losing market share.
However, when you controlled close to one hundred percent of the market, there was only one option: down.
In its home country, Tesla has dominated the electric vehicle market for years. Although it is anticipated that more EV options will enter the market and contribute to the expansion of the US market, the US EV market is still heavily dependent on Tesla’s production and delivery.
79% of new electric vehicles registered in the United States in the year 2020 were Tesla models. That percentage dropped to 69.95% in 2021, but even so, it’s still impressive given that EV delivery volumes and Tesla prices both significantly increased throughout the year.
S&P Global Mobility today released new data that shows that Tesla still has a 65% market share this year through the first nine months of 2022.
Nearly 340,000 of the more than 525,000 electric vehicles that were registered in the United States during the first nine months of 2022 were Teslas.
With an 85 percent market share, Tesla’s dominance in the luxury electric vehicle (EV) market is even more obvious.
According to S&P Global Mobility, the number of electric vehicle models available in the United States will rise from 48 currently to 159 by 2025.
S&P estimates that Tesla’s contribution of just one additional vehicle—the Cybertruck—to those more than 100 new EV models will only marginally impact Tesla’s volume growth during that time.
However, it is anticipated that some of these new EV models from other automakers will begin to challenge Tesla’s dominance in the United States in high-volume production within the next three years.
In point of fact, S&P anticipates that Tesla’s share of the US EV market will fall below 20% by 2025, requiring either Tesla to fail or the industry as a whole to go all out over the next three years. Or both, most likely.
