As EV sales continue to grow in the US, 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.found that Tesla’s share of US 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.
Looking over Cox’s dataset starting in 2019, Tesla’s market share hit a high of 82.5% in Q3 of 2019 and has been steadily declining ever since. The steepest drop has occurred in recent quarters, starting in Q4 2021, when Tesla’s market share stood at 77.5%. It fell to 50.2% in less than two years as new brands and EVs from legacy automakers hit the market., higher than the 386,810 vehicles globally delivered in the first quarter but lower than the approximate 466,140 delivered a year ago.
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.
Luxury brands like BMW and Cadillac are likely excelling in the customer service arena, Valdez Streaty noted, with higher-income buyers valuing dealer experience alongside product mix in their buying decisions. BMW EVs like the BMW iX SUV, i4 coupe, and i7 luxury full-size sedan have buoyed sales.