Tesla loses US market for electric cars - Musk's company has reduced its share to 65%

Tesla continues to be the undisputed leader in the U.S. electric car market, but its share of the U.S. market is rapidly declining. The decline was especially tangible in the last quarter of 2022.

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Between October and December 2022, Elon Musk's company controlled about 58% of the U.S. electric car market. The drop compared to the last quarter of 2021 was 20%.

For all of 2022, Tesla's share of the U.S. market has also declined, but not as critically. Competitors continue to press on Elon Musk's company. In 2022 Tesla remained the unchallenged leader of the U.S. market, although the share fell from 72% to 65%.

The manufacturer was able to sell 522,388 vehicles last year. For comparison, Ford Motor Company, which ranked second in the U.S. market, sold almost an order of magnitude less vehicles - 61,575 units.

A total of 808,619 battery-powered vehicles were sold in the U.S. during the 12 months, including 225,689 units from October through December. Market capacity increased 66% year over year and 58% in the last quarter. The share of the electric car segment increased from 3 to 6 percent.

A total of 30 models of electric cars were sold last year in excess of 1,000 units. The most popular car was the Tesla Model Y. The Model 3 and Ford Mustang Mach-E were in the top three. Chevrolet Bolt EV, Model S and Model X are next. And the cost of the last two in the base complete set is $95,000 and $110,000, respectively, taking into account the latest price reduction.

Source: Barron's