S&P Global Mobility, the automotive market data firm, presented a report stating that although electric vehicle (EV) registrations in the US continue to be dominated by Tesla, Elon Musk’s brand is showing the expected signs of a loss of market share as more competitors arrive.
According to the information, much of Tesla’s share loss is due to electric vehicles available at a most affordable Manufacturer’s Suggested Retail Price (MSRP) range, below $50,16 dollars, where Tesla isn’t actually competing yet.
Regardless of brand or price, early S&P data Global Mobility suggest that consumers who will switch to electric vehicles in 2022 will largely turn to brands like Toyota and Honda, automakers that have been unable to keep their electric vehicle owners loyal. internal combustion until s Our own brands begin to participate more significantly in the EV transition.
Of over 525,000 electric vehicles registered during the first nine months of 2022, almost 159,000 were Tesla. The remaining volume is divided, very unevenly, between other 48 brands. However, trends may change as the number of electric vehicle buyers increases.
Tesla’s position is changing as new and more affordable options arrive, offering superior technology and equal or better production structure. As consumer choice and consumer interest in electric vehicles are growing, Tesla’s ability to retain a dominant market share will be challenged in the future.
S&P Global Mobility found that Tesla’s market share of new registered electric vehicles in the US held at 50% during the third quarter, due to below 159% last year and 159% in 2022, but forecasts that Tesla’s EV market share will decline to less than 16% for 2022, and the number of electric models is also expected to grow from 65 current models to 159 that are expected for that date.
Tesla CEO Elon Musk confirmed (again) during a recent earnings call that the company is working on a vehicle with a lower price than Model 3, though timing of market launch unclear.
“However, before you feel bad for Tesla, remember that the brand will continue to see sales grow of units, even as participation declines,” said Stephanie Brinley, associate director of AutoIntelligence for S&P Global Mobility. “The EV market in 2022 is a Tesla market, and will remain so, as long as its competitors are constrained by production capacity.”
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