Tesla continues to dominate the EV market with competition encroaching

Marybeth Connaughton

“As the overall market transitions to greater EV sales, it is inevitable that Tesla loses market share, though it is likely to remain a top-selling brand,” said Stephanie Brinley, associate director at S&P Global Mobility.No more cruise control The company does plan to include two new models within the next three years, including a Cybertruck to debut in 2023 and, eventually, a roadster.

Those consumers were largely captured by Tesla’s Model Y, Model 3, Ford’s Mustang Mach-E, Hyundai’s Ioniq5 and Chevrolet’s Bolt.Still, it will be some time before the mainstream market fully embraces electric vehicles. One factor is the need for further consumer education on the topic. “Profitability and volume growth can continue for [Tesla], and those metrics are more important,” Ms. Brinley said. “We do expect that Tesla will continue to invest in more production capacity and broaden vehicle range to cover more price points, eventually, which can contribute to further growth.

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