Tesla’s Market Share is Decreasing in the US Electric Vehicle Market!

In the United States, electric vehicle sales hit a new record in the second quarter of 2024, while Tesla’s market share dropped below 50% for the first time in history. Tesla continues to attract attention while struggling with this situation.

The report on electric car sales in the second quarter of 2024 revealed that Tesla’s share of electric vehicle sales in the US dropped to 49.7%. This situation emerged with a 6.3% decrease in Tesla’s sales. However, with a general increase of 11.3% in electric vehicle sales, the decline in Tesla’s market share accelerated.

A total of 330,463 electric vehicles were sold in the US in the second quarter, showing an 11.3% increase compared to the same period of the previous year. Meanwhile, as Tesla’s situation becomes concerning, the company’s shareholders are feeling uneasy.

Interest of the Wealthy in Electric Vehicles Decreasing!

While the growth in electric vehicle sales is increasing with the impact of General Motors’ new models, brands like Ford, Hyundai, and Kia are also showing strong performance. However, the decrease in electric vehicle sales among luxury European brands such as Mercedes-Benz, Porsche, and Volvo indicates a decline in the interest of wealthy customers in electric vehicles.

Factors such as difficulty in finding charging stations, rapidly depleting batteries, and dissatisfaction with existing vehicles may be among the reasons for the decreasing interest of wealthy customers in electric vehicles. However, the preference of lower-end users for more affordable electric vehicles is also noteworthy.

While the market continues to grow, the decrease in Tesla’s sales could be a worrying situation for the company’s founder Elon Musk. However, perhaps the famous stock speculator might be pleased with the decline in Tesla’s shares value after making significant profits, it’s hard to make a clear comment on this.