If we're talking about an electric vehicle market today, we owe it to Tesla. Without the EV maker’s pioneering efforts, we'd still be talking about the electric shift as a thing of the future.
But everyone understood that it was inevitable Tesla’s market share would decline with the arrival of more new EVs. It was an easy mathematical calculation. Overall, in the second quarter of this year, sales of electric vehicles rose to 8.0 percent of the total market, compared with 7.2 percent for the same period last year. We're talking about a record quarter for the period April 1 to June 30, 2024. Figures were reported by the Cox Automotive Group.The EV maker’s share of the market in the U.S. was 82.5 percent in the third quarter of 2019. In 2021, it was 77.5 percent. In Q2 of 2024, it sat at 49.7 percent.
To give you an idea of how dominant Elon Musk’s company has been and continues to be despite the drop in market share, behind Tesla and its 164,000+ units sold, Ford in second place is way up the track with 23,957 sales. Its market share stands at 7.2 percent, ahead of Kia and Hyundai at 5.4 and 5.1 percent respectively.