TESLA'S MARKET SHARE OF ELECTRIC CARS IS COLLAPSING
TESLA'S MARKET SHARE OF ELECTRIC CARS IS COLLAPSING
Tesla's market share over electric vehicles dropped below 50 percent in the second quarter of this year for the first time ever.
But even as sales for EVs are reaching record highs, Tesla's control over the market is starting to seriously wane, slipping below 50 percent in the second quarter of this year, the New York Times reports. Tesla represented 49.7 percent of EV sales over that period, down from 59.3 percent in Q2 of last year.
So EV market has grown, but overall sales of Tesla have declined in both Q1 and Q2 this year compared to Q1 and Q2 respectively of 2023. I feel like "collapsing" is hyperbole though, but that's what the article says. (And clickbait attracts more clicks right?)
They lost 17% of their market share in a year, while also having 2 quarters way below expectations. That's not insignificant.
The title is still sensationalist.
It makes kind of sense if you take the massively overvalued stock price into account, though.
but thats not because they are selling less just they are not the only game in town anymore.
but thats not because they are selling less
Tesla is selling less. Q1 and Q2 are both less than last year. The numbers have already been released.
Tesla sold fewer cars AND the market has grown, there's more EVs being sold than ever before while Tesla sales are declining. Its a double-whammy on market-share.
There's some pretty easy logic to follow here, the most obvious being that Teslas aren't an affordable EV. They're sports car pricing. When you're the only player, sure, but anyone else releasing EVs, especially 'economy' types, are going to win customers. Then stack on top of that anyone that's been following current events probably is going to shy away from the Tesla brand knowing it's owned by Musk. Idk, article is very sensationalist about the title when in reality this makes perfect sense. Oh also side note fuck billionaires.
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