Why Tesla’s Market Share Could Plunge In 2023

showed that Democrats are two and a half times as likely as Republicans to consider purchasing an EV. Consider, for example, that staunchly Democratic California alone had more than a third of all new EV registrations from January through September of this year, versus 7.4% for Florida and 6.4% for Texas.

There are a couple of things in Tesla’s favor, though. One is that Tesla’s competitors are still racing to catch up. There just aren’t enough alternatives to meet demand if a substantial fraction of potential Tesla customers decide to look elsewhere. Further, there are still supply chain constraints that continue to hamper the ability of car makers to ramp up production.

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