Tesla is expected to lose significant electric vehicle market share to Ford, General Motors and Stellantis over the next four years, according to Bank Of America’s recent Car Wars report.
Even though the legacy automakers are expected to gain, the industry might continue to be unpredictable, as per the study. “The next four-plus years could be some of the most uncertain and volatile for product strategy ever,” states the report. The BofA forecast states that “ICE dominance is over,” with EVs projected to account for a bigger slice of new model launches from 2024 to 2027. During that period, 46 percent of new launches would be EVs, 35 percent are likely to be ICE and 18 percent would be hybrids.. Total BEV registrations reached 257,507 in Q1 2023, up by 63 percent year-over-year, accounting for 7.0 percent of the total market share, up from 4.6 percent in Q1 2022.
The projected EV market share in 2026 will be almost a quarter of the total US auto sales, as per the Car Wars report. Thanks to the , and lowering battery and component costs, EVs are set to become more affordable in the US. The result of incentives and reducing costs could increase the US EV market share to 26 percent by 2026, states the report.