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Tesla Market Share in U.S. Drops to Lowest Since 2017 as Competition Heats up: Reuters
Tesla's market share dropped to 38% in August as competitors increased incentives and new EV models, while Tesla focused on robotics and faced expiring federal tax credits, Cox Automotive data shows.
- In August, Tesla's U.S. market share fell to a near eight-year low, accounting for 38% of EV sales as buyers chose rivals over Tesla's aging lineup, Cox Automotive data show.
- Legacy automakers' stepped-up incentives and new EV launches, including Hyundai, Honda, Kia and Toyota, drove rival sales up to 120%, boosting market share against Tesla.
- Cox's data indicate new EV sales jumped more than 24% to 128,268 in July, while Tesla's unit sales rose 7% to 53,816 even as its market share slipped.
- With the $7,500 tax credit expiring at month-end, analysts expect the EV sales bump to continue through September then drop, as Tesla faces pressure to boost incentives or protect margins after recent price cuts squeezed profits.
- Strategic delays in mass-market models have accompanied Tesla's pivot to robotaxi and humanoid robot projects, while Elon Musk's ties to President Donald Trump have also hurt the brand.
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Tesla's EV market share in the US falls to its lowest level in 8 years
Elon Musk urged businesses to incorporate outside Delaware.Pool/Getty ImagesThere's more bad news for Tesla.Elon Musk's carmaker saw its EV market share in the US fall below 40% for the first time in 8 years.In Q2, Tesla reported its biggest year-over-year revenue decline in the last 10 years.There's more bad news for Tesla.Elon Musk's carmaker accounted for 38% of total EV sales in the US last month, according to data from research company Cox …
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Tesla's US market share has fallen to the lowest level since 2017 – competition is growing rapidly, model range is ageing, price pressure and image problems are rising.
Coverage Details
Total News Sources39
Leaning Left6Leaning Right4Center10Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 30%
C 50%
R 20%
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