Electric vehicle (EV) sales in the United States experienced significant growth in the third quarter of this year, exceeding 300,000 units for the first time. This increase in electric vehicle sales Hyundai/Kia, Nissan, Ford, Mercedes-Benz And volvo It is due to automobile manufacturers expanding their electric vehicle range, such as.
According to data from Cox Automotive, electric vehicle sales constituted 7.9% of total industry sales in the third quarter, compared to 6.1% in the same period last year and 7.2% in the second quarter. Overall sales figures represent a 50% increase compared to the previous year quarter.
While Tesla has long had a significant market share in the electric vehicle market, it has seen its share fall from 61% to 50% in the first quarter of this year. Other automakers such as Mercedes-Benz have also made significant progress, with 15% of their total sales now coming from electric vehicles. Ford and General Motors have also increased electric vehicle sales, but total electric vehicle sales are still relatively low at 4% and 3% respectively.
Tesla’s dominance seems to decrease further in the coming years
As more major manufacturers continue to expand their EV portfolios and offer more affordable options, Tesla’s dominance in the market is expected to diminish further. Chinese electric vehicle brands such as BYD, Zeekr and Lucid are gaining traction and offering competitive packages at attractive prices. Even Tesla’s highly anticipated Cybertruck may face stiff competition from other electric pickup truck makers like Rivian, GM, and Ford.
While Tesla’s market share remains important, new electric vehicle options from various manufacturers are preparing to reshape the electric vehicle world in the coming years. Tesla delivered 435,059 vehicles in the third quarter and aims to reach a volume target of 1.8 million units by the end of the year. In comparison, Kia, for example, plans to reach its target of 1.6 million EVs by 2026.