Tesla’s Market Share Drops to Less Than Half of US EVs

Tesla's market share for electric vehicles in the US has dropped to less than half, marking a turning point for the company....
Tesla’s Market Share Drops to Less Than Half of US EVs
Written by Matt Milano
  • Tesla’s market share for electric vehicles in the US has dropped to less than half, marking a turning point for the company.

    According to The Information, citing researcher from Cox Automotive, Tesla’s market share in the US dropped to 49.7% during April to June quarter. This was down from 59.3% the year-ago quarter, marking a nearly 10-point drop in market share.

    There are likely a number of reasons for the drop, including the growing number of EV options available from other manufacturers, both new EV makers and old-school automakers.

    Unfortunately for the company, another factor that has hurt sales is CEO Elon Musk. The company’s “consideration score” dropped to just 31% in February, a major drop from its peak of 70% in late 2021.

    “It’s very likely that Musk himself is contributing to the reputational downfall,” Shahar Silbershatz, CEO of market intelligence firm Caliber, said at the time.

    Musk has consistently drawn criticism of late for erratic decision-making, such as mass layoffs that need to be at least partially reversed; being distracted by X; controversial statements; and lawsuits alleging sexual harassment against the executive.

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