Tesla’s market shares slip in the US, but the automaker still owns two-thirds of the rapidly growing market.
For years now, Tesla has dominated the electric auto market in its home country. It is expected that Tesla’s hold on the market will erode as more EV options hit and help grow the US market, but for now, the US EV market is still extremely dependent on Tesla’s production and deliveries.
For the entire year of 2020, Tesla vehicles accounted for 79% of new electric vehicles registered in the United States. In 2021, that number went down to 69.95%, but that’s still impressive with EV delivery volumes significantly increasing throughout the year along with Tesla’s prices.
Now we have been tracking Tesla’s market share erosion in 2022. New market entrants are having an impact, there’s no doubt, but Tesla is still responsible for most EV sales in the US.
According to new registration data from Experian, Tesla now has about two-thirds of the EV market in 2022 as of August.
Ford and Hyundai are making strides with second and third place, but there are still extremely far behind Tesla, which still has four of the top five best-selling electric vehicles in the country:
- Tesla Model Y: 134,978 units
- Tesla Model 3: 123,634 units
- Ford Mustang Mach-E: 25,596 units
- Tesla Model S: 20,032 units
- Tesla Model X: 19,739 units
- Hyundai Ioniq 5: 16,929 units
- Kia EV6: 15,612 units
- Chevy Bolt EUV: 11,788 units
- VW ID.4: 9,127 units
- Nissan Leaf: 8,740 units
Tesla’s supremacy is not expected to be challenged much in the short term due to the massive lead, but several electric vehicles are expected to see significant ramp-ups in the short term.
GM recently announced a boost in Bolt EV deliveries in Q4, and Ford’s F-150 Lightning production is still slowly ramping up.
It’s really interesting how different those volumes are at this point. Tesla is the only automaker with models in the six figures and by a wide margin.
And that’s not a demand problem.
I am convinced that GM could sell Chevy Bolt EV and EUV in the six figures, if it could produce them. It should get closer to it next year with a production of 77,000 units next year.
The Ioniq 5 and EV6 could also likely be six figure-vehicles if the capacity was available.
As I have been saying for years, the winners of the rEVolution are the automakers who were early to invest in production capacity, and Tesla is still clearly the one reaping the rewards in the US.
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