Despite several price cuts, Tesla saw its market share drop roughly 12% last quarter
As electric vehicle sales are poised to surpass 1 million annual sales for the first time ever, Tesla's share of the market has slipped to its lowest on record.
Tesla — by far the leader in the EV industry — sold roughly 156,000 of the more than 313,000 electric vehicles sold last quarter, according to Cox Automotive. While dominating 50% of the EV market would be more than acceptable for most companies, the Austin, Texas-based Tesla controlled 62% of the market in the first quarter of 2023.
Tesla has led the pack, enacting price cuts on at least some of its vehicles in nearly every month of 2023. The price of a new Tesla has fallen by nearly 25% since Sept. 2022, with the cost to buy a Model 3 sedan dropping 26% on average.
However, Tesla's deliveries failed to match Wall Street's expectations last quarter. The automaker only delivered 430,488 EVs, more than 20,000 vehicles below analysts' predicted 458,713 EVs.
The Model Y was the best-selling EV last quarter, making up nearly 30% of the market. Sales of the Model Y dominated close to 34% of the market in 2023, according to Cox. The Model 3 was the next best-seller, with 17% of the market for the last quarter and 19% for the past nine months.
As electric vehicle sales are poised to surpass 1 million annual sales for the first time ever, Tesla's share of the market has slipped to its lowest on record.
Tesla — by far the leader in the EV industry — sold roughly 156,000 of the more than 313,000 electric vehicles sold last quarter, according to Cox Automotive. While dominating 50% of the EV market would be more than acceptable for most companies, the Austin, Texas-based Tesla controlled 62% of the market in the first quarter of 2023.
Tesla has led the pack, enacting price cuts on at least some of its vehicles in nearly every month of 2023. The price of a new Tesla has fallen by nearly 25% since Sept. 2022, with the cost to buy a Model 3 sedan dropping 26% on average.
However, Tesla's deliveries failed to match Wall Street's expectations last quarter. The automaker only delivered 430,488 EVs, more than 20,000 vehicles below analysts' predicted 458,713 EVs.
The Model Y was the best-selling EV last quarter, making up nearly 30% of the market. Sales of the Model Y dominated close to 34% of the market in 2023, according to Cox. The Model 3 was the next best-seller, with 17% of the market for the last quarter and 19% for the past nine months.
Tesla’s Share of EV Market Slips as Total US Sales Expected to Hit the Million Mark
Despite several strings of price cuts, Tesla's market share dropped roughly 12% last quarter
themessenger.com