Tesla's U.S. EV market share dips below 50% in Q2 as Ford, Kia, BMW see growth

📆 13-07-24 13:05:00
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As EV sales continue to grow in the U.S., albeit at a slower pace than expected, Tesla’s share of the market dipped below a key level as improved competitor EV offerings hit showroom floors.

As EV sales continue to grow in the U.S., albeit at a slower pace than expected, Tesla?s share of the market dipped below a key level as improved competitor EV offerings hit showroom floors. Cox Automotive's latest EV sales report found that Tesla?s share of U.S. EV sales fell below 50% for the first time, to 49.7%. This comes as Cox estimates overall EV sales grew to approximately 8% of the total market, up from the 7.2% seen in Q2 last year, in what it calls a ?record-breaking? quarter.

Digging deeper into the fastest-growing brands in Q2, GM?s Cadillac took top honors with EV sales growth of over 440%, powered by its LYRIQ midsize EV SUV. Though Cadillac?s LYRIQ saw its initial rollout delayed as GM worked out kinks in its Ultium EV platform, sales momentum has been growing since the start of the year. Toyota has seen its lone EV ? the bZ4X ? grow sales to over 7,000 units in Q2 , though reportedly with big discounts.

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