But numbers collected by S&P Global Mobility show that Tesla still controlled about 65% of the growing electric vehicle market during the first nine months of this year. And the competitors made gains in the sticker price range below $50,000, where Tesla barely competes.
From 2018 through 2020, Tesla had about 80% of the EV market. Its share dropped to 71% in 2021 and has continued to decline, said Stephanie Brinley, an S&P associate director. “Tesla's position is changing as new, more affordable options arrive, offering equal or better technology and production build,” S&P Global Mobility said in a statement Tuesday. “Given that consumer choice and consumer interest in EVs is growing, Tesla's ability to retain a dominant market share will be challenged going forward.”
According to S&P, electric vehicles have picked up 2.4 percentage points of U.S. market share this year, growing to 5.2% of all light vehicle registrations. Of the 525,000 electric vehicles registered during the first nine months of the year, about 65%, or 340,000, were Teslas, S&P said. Despite the smaller market share, Tesla will continue to see its sales grow as consumer interest increases, Brinley said. “The EV market in 2022 is a Tesla market, and it will continue to be so long as competitors are bound by production capacity,” she said.
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