Tesla’s market share of battery-powered vehicles dropped to approximately 50% in Q2 of this year, according to a recent report. This marks a decline from 59.3% last year to 49.7% this year, as reported by Cox Automotive.
Tesla’s dominance in the US electric vehicle market has reached a turning point. According to recent estimates released by a research firm, Tesla’s market share dipped below the 50 percent mark in the second quarter of the year. This shift occurred despite a record-breaking surge in sales of battery-powered cars. The electric vehicle market is experiencing unprecedented growth, with Tesla facing increased competition and a shift in consumer preferences
According to recent estimates from Cox Automotive, a leading authority in the automotive industry, Tesla’s market share for electric vehicles in the United States experienced a significant decline in the second quarter of this year. The company’s market share dropped to 49.7%, down from 59.3% in the same period last year.
Source: Cox Automotive
Cox Automotive’s estimates are based on a comprehensive analysis of vehicle registrations, company reports, and other relevant data. This shift in market dynamics signals a significant turning point in the electric vehicle industry, with Tesla facing increased pressure from its competitors.
In the second quarter of 2024, Tesla’s market share in the US electric vehicle (EV) market experienced a notable decline, dropping to 49.7%. This shift marks a significant milestone, as it represents the first time Tesla’s market share has fallen below 50% in a single quarter.
- Tesla’s market share decreased by nearly 10% year-over-year, from 59.3% in Q2 2023 to 49.7% in Q2 2024.
- This decline indicates a shift in the EV market, with competitors gaining ground on Tesla’s long-standing dominance.
Despite Tesla’s decline, the overall electric vehicle market continues to grow, with sales increasing by 11.3% year-over-year. Over 330,000 electric vehicles were sold or leased in the quarter, accounting for 8% of all new cars sold or leased. Electric vehicles accounted for 7.2% of the market in the same period last year, indicating growing demand.