Tesla: According to the findings of a recent report published by S&P Global Mobility, Tesla’s dominance in the market for electric vehicles sold in the United States is gradually losing. Despite the fact that Tesla continues to dominate the industry, the company’s market share of new electric vehicle sales is currently at 65 percent, which is down from 79 percent in 2020 and may fall below 20 percent by 2025.
Tesla is going to see a significant drop
Currently, electric vehicles continue to be purchased at price points that are generally higher than average, but this is mostly related to the dominance of luxury EV brands. 340,000 Teslas were among the more than 525,000 electric vehicles that were bought in the first nine months of 2022; the other EVs were purchased from a total of 46 different providers.
However, when more modern and less expensive choices become available According to the analysis, Tesla is going to see a significant drop in the percentage of the entire market that it currently occupies.
According to the estimate, the number of battery-electric nameplates will increase from the current 48 to 159 by the end of 2025, at a rate quicker than Tesla will be able to compete with. Currently, there are only 48 battery-electric nameplates.
Tesla has Plans to Deliver a Commercial Semi-Truck
During a recent earnings call, Tesla CEO Elon Musk stated that the business is working on a lower-priced car than the Model 3, but the timing for its launch remains uncertain. This seems to be to maintain pace with the growth of the market, but the specific reason for this is unknown.
Tesla’s model range is anticipated to expand to include a Cybertruck in the year 2023 and a Roadster at some point in the future; nevertheless, in 2025, the company will primarily continue to provide the same vehicles that it does today. Tesla also has plans to deliver a commercial semi-truck by the end of 2022, but the sales of this vehicle will not be included in the total number of registrations for light vehicles.
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In the year 2022, Tesla opened two new assembly plants and is currently searching for a location in North America for its third factory.
Who is the rival?
According to the report, EVs’ market share in the US has grown by 2.4 percentage points over the course of 2022. They now make up 5.2% of all new registrations for light vehicles.
Hyundai, Kia, Volkswagen, Ford, Chevrolet, and Nissan are some of the companies that compete in this segment of the market with lower pricing points. In the meantime, the luxury electric vehicle market has experienced an increase in the number of competitors, some of which include Mercedes-Benz, BMW, Audi, Polestar, Lucid, and Rivian. Particularly difficult for Tesla to compete with will be electric premium vehicles.
The Chevrolet Bolt and Bolt EUV, the Hyundai Ioniq5, the Kia EV6, the Volkswagen ID.4, and the Nissan Leaf now occupy the sixth through tenth positions, respectively. The top rank is held by Tesla, which has four out of the top five most popular electric vehicle models by registration.
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The Volkswagen Bolt has seen approximately 21,600 vehicles registered as of the end of September, while Hyundai and Kia are in the region of 17,000-18,000 units, and VW is getting close to 11,000 units. With the exception of the Leaf in tenth place, no other electric vehicle (EV) has achieved registrations of more than 10,000 units through the first nine months of 2022.
Still, the Model Y and Model 3 from Tesla make up 56% of all EVs registered. “The other 46 vehicles are competing for scraps until EVs cross the chasm and become popular with most people,” says the report.
This change could take a while. A recent report from the same market insights company found that people in the Heartland states are hesitant to buy EVs.
Production volumes are also limited by a number of factors, such as factory capacity, a lack of semiconductors, and other major supply chain issues.
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