As Tesla's sales decline and demand for electric vehicles cools, more and more automakers are competing for a piece of the shrinking pie, even as more models enter the market. Masu.
About 269,000 electric vehicles were sold in the U.S. in the first three months of this year, according to Kelley Blue Book. This was an increase of 2.6 percent compared to the same period last year, but a decrease of 7.3 percent when compared to the last quarter of 2023. Also, Tesla's market share has fallen from 62 percent at the start of 2023 as the industry slows every quarter. Now he has increased to 51%.
Elon Musk told employees Monday that Tesla will cut 10 percent of its workforce. Meanwhile, investors are also feeling scared. Tesla's stock price has fallen more than 30% this year, wiping out billions of dollars in market capitalization.
Tesla's sales fell more than 13% from the first quarter of last year, while most of its emerging competitors posted double- or even triple-digit growth. Legacy car brands like Hyundai, Mercedes and BMW are also increasing EV sales, chipping away at Tesla's market share.
Ford's market share rose to 7.4% from 4.2% last year, making it the second-largest electric vehicle brand in the United States. But this month, Ford announced it was slowing down its EV production plans in response to slowing demand.
The increased competition comes as President Joe Biden seeks to accelerate the transition to electric vehicles, with Biden setting an ambitious goal of making half of the cars sold in the country electric by 2030. are doing. Currently, the EV ratio is less than 20%. Registration of new vehicles.