Business Tesla's market dominance is diminishing as more affordable EVs...

Tesla’s market dominance is diminishing as more affordable EVs become available

-

- Advertisment -

Opinions expressed by ukbusinessupdates.com contributors are their own.

Tesla is still the dominant U.S. electric vehicle manufacturer, according to an S&P Global Mobility report. That dominance won’t last long, however, as rival automakers undercut the company’s prices.


T3 Magazine | Getty Images

In the third quarter of 2022, Tesla’s U.S. market share of newly registered electric vehicles was 65%, down from 71% in 2021. According to the S&P forecast, Tesla’s EV market share will drop to less than 20% by 2025 with as much as 159 EVs available, compared to just 48 today.

In a statement, S&P said, “Tesla’s position is changing as new, more affordable options emerge, offering equal or better technology and manufacturing.”

“As consumer choice and consumer interest in electric cars increases,” the statement continued, “Tesla’s ability to maintain a dominant market share will be tested going forward.”

Fortune quoted S&P deputy director Stephanie Brinley as reportedly saying Tesla will not lose sales regardless of reduced market share. “The EV market in 2022 is a Tesla market,” said Brinley, “and will remain so as long as competitors are tied to production capacity.”

Even as consumer-friendly competitors like Ford and Chevrolet start ramping up their EV assembly lines, Tesla will face luxury car competition from the likes of BMW and Mercedes-Benz alongside direct rivals Lucid and Rivian.

S&P’s report noted that new buyers of electric vehicles in 2022 tended to switch to electric after having gas-powered Hondas and Toyotas. Fortune reports that Brinley also added that Tesla vehicles made up the largest share of registered electric vehicles.

Shreya Christinahttps://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Effective ways to personalize your customer touchpoints even more in 2023

Will 2023 be the year of personalization? Consumers hope so. For the past two years, shoppers have...

Transform organizations one emoji at a time

View all on-demand sessions from the Intelligent Security Summit here. How did we go from mentioning emojis that are inappropriate...

Save $93 on this mini AI robotic arm and software

Disclosure: Our goal is to provide products and services that we believe you will find interesting and useful. ...

Who is Instagram star with 1 million followers Natalia Rivera? wiki

 Who is Natalia Rivera?Natalia Rivera was born on April 25, 1989 in Puerto Rico....
- Advertisement -

Check out these emulated calculators on the Internet Archive

The Internet Archive calls this new collection the calculator drawer. There are 14 calculators to choose from, including...

Jessica Fernandez- Wiki, age, height, net worth, boyfriend

Jessica Fernandez is a well-known American Twitch broadcaster, content producer, Youtuber, social media influencer, media face, gamer and entrepreneur....

Must read

- Advertisement -

You might also likeRELATED
Recommended to you