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.
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Have you ever noticed that anybody driving slower than you is an idiot, and anyone going faster than you is a maniac?
George Carlin
Leapmotor at Stellantis South Africa announced a partnership agreement with boutique car rental company, Drive Electric, to make premium electric mobility more accessible to local driving consumers.
Electric vehicles (EVs) are still expected to dominate the European Union’s (EU) car market from 2035, yet their eventual share could vary considerably depending on the strength of upcoming emissions rules, according to new findings from the transport campaign group Transport & Environment (T&E).
Zero Carbon Charge (CHARGE) is on schedule to complete construction of the next two off-grid electric vehicle (EV) charging station developments of CHARGE N3 Roadside and CHARGE N3 Tugela.
