Tesla seems to be losing its lead over other vehicle manufacturers in the rush to grow its electric vehicle (EV) market share.
According to a report released by S&P Global Mobility on Tuesday, 29 November, Tesla is losing share to competitors’ models that retail for less than $50 000 (approximately R850 000).
The loss in share comes despite Tesla Inc CEO Elon Musk’s vision of the Model 3 being a “people’s EV”. Currently the Model 3 is retailing for $50 000, while the popular Model Y crossover retails for more than $65 000 (R1.1 million).
According to the report, some of the models retailing at less than $50 000 that are raining on Tesla’s parade include the Ford Mustang Mach-E, Hyundai Ioniq 5, Chevrolet Bolt and Nissan Leaf.
But Tesla is also under fire at the high-end luxury vehicle side of the market.
“Luxury EVs from Mercedes-Benz, BMW, Audi, Polestar, Lucid and Rivian — as well as big-ticket items like the Ford F-150 Lightning, GMC Hummer and Chevrolet Silverado EV [pick-ups] — will plague Tesla at the high end of the market,” says S&P Global.
Currently, Tesla has 65% of the total EV market share in the US followed by Ford (7%), Kia (5%), Hyundai (4%), Chevrolet (4%), Audi (2%), Volkswagen (2%) and Rivian (2%).
In 2020, Tesla’s EV market share was 79% and it is expected that by 2025 it will fall by another 20%, according to the report.
Volkswagen is abandoning its separate electric vehicle naming convention, opting instead to align its battery-electric models with established combustion engine nameplates. The German automaker announced that the strategy shift would begin with the ID Polo, set to debut in 2026.
“We are ready to hit the road with DFSK and will celebrate the official opening of the East London DFSK dealership on 6th September,” says Melanie Herman, owner and Dealer Principal of the new facility in the Eastern Cape city.
Article written in conjunction with Keyloop.
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