The US electric vehicle market has seen a significant shift in the past month, with Tesla's sales taking a hit. According to the latest data from S&P Global Mobility, Tesla's new car registrations dropped by 12% in March, marking the second consecutive month of decline.
Despite this, the overall US EV market saw a 3.8% increase in registrations, with non-Tesla brands experiencing a 28% surge. Ford, Hyundai, and Kia were among the top performers, with Ford's EV registrations tripling compared to the previous year.
Tesla's decline has been attributed to increased competition in the market, with other brands offering attractive alternatives to the once-dominant electric vehicle manufacturer. However, Tom Libby, associate director of industry analysis at S&P Global Mobility, believes that Tesla may be able to recover soon.
Tesla's struggles have been largely attributed to production issues and delays in ramping up production on the refreshed Model 3. However, April saw the launch of a new Model 3 version that takes advantage of the federal EV incentive, which could help boost sales.
The data suggests that Tesla's market share has shrunk from 61.5% in March 2023 to 52.4% this year. While this is still a significant market share, it marks a decline from Tesla's dominance in the US EV market.
The rise of non-Tesla brands has been driven by a range of factors, including the launch of new models and improved availability. Ford's Mustang Mach-E and F-150 Lightning were among the top-selling EVs, while Hyundai and Kia saw strong growth thanks to their new models.
As the US EV market continues to evolve, it will be interesting to see how Tesla responds to the increased competition. With new models and incentives on the horizon, it remains to be seen whether Tesla can regain its dominance in the market.
US TESLA & EVs NEWS FROM: https://www.carscoops.com/2024/05/u-s-ev-sales-up-3-8-and-tesla-down-12-in-march/
