Tesla is still the top-selling electric vehicle brand in the U.S., but its dominance is eroding as rivals offer a growing number of more affordable models, according to a report Tuesday by S&P Global Mobility.
The data firm found that Tesla’s market share of new registered electric vehicles in the U.S. stood at 65% through the third quarter, down from 71% last year and 79% in 2020. S&P forecasts Tesla’s EV market share will decline to less than 20% by 2025, with the number of EV models expected to grow from 48 today to 159 by then.
A drop in Tesla’s U.S. market share was expected, but the rate of the decline could be concerning for investors in Elon Musk’s autos and energy company. As Musk focuses attention on fixing his recently acquired social media company Twitter, Tesla shares traded around $180 mid-day Tuesday. Tesla’s stock has declined by almost half year-to-date.
S&P reported…
