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According to an analysis by the market research institute Finbold's Research, Tesla's market share in the USA has decreased from 74.8% at the beginning of 2022 to 49.7% in the second quarter of 2024. Additionally, it has declined in six of the last nine quarters, with the largest drop of 9.3% in the third quarter of 2023 and the largest increase of 4.4% in the first quarter of the same year.
At the same time, other companies specializing in electric vehicles have not managed to capture any significant market share: In the second quarter of 2024, Lucid stands at 0.6% and Rivian at 4.2% in the United States.
The established automobile manufacturers are back
According to the International Energy Agency (IEA), Tesla had a 13% share of the global market for electric cars at the end of 2023 – significantly down from its peak of 16% in 2019. On the other hand, the established automobile manufacturers have proven their ability to switch to electric models, with the largest growth coming from General Motors (GM), whose U.S. market share among electric vehicles was only 0.3% at the beginning of 2022, but rose to 6.6% by 2024.
Meanwhile, Hyundai and its subsidiary Kia are competing with Ford for the second place in the ranking of the largest electric car manufacturers in the U.S., with the former having a market share of 11.2% and the latter 7.2%.
Electric car market continues to grow despite Tesla's declining dominance
Even though the numbers from the Finbold study suggest a grim situation for Tesla and the entire electric car industry, it should not be forgotten that the sector is growing if the slowdown in 2024 is ignored – and even considering it, the sales of electric cars have rather stagnated than really decreased, especially in light of the recent recovery.
Read the full Finbold study with statistics here.
Translated automatically from German.
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