Electric vehicle (EV) sales in the US are steadily increasing, although not as quickly as anticipated. Tesla, a prominent player in the EV market, saw its market share drop below 50% for the first time as other competitors introduced improved EV options.
Cox Automotive’s recent EV sales report revealed that Tesla’s share of US EV sales fell to 49.7%. Despite this decline, overall EV sales in the US reached approximately 8% of the total market, up from 7.2% in the previous quarter. This growth was described as “record-breaking” by Cox Automotive.
Stephanie Valdez Streaty, industry insights director at Cox Automotive, noted that while Tesla’s sales have decreased, the competition in the EV market is becoming more intense.
Overall, the EV market in the US is evolving, with Tesla facing increased competition from other automakers.