Tesla's Market Share Dips Even As US EV Sales Climb — Is The Cybertruck Its Saving Grace?
Portfolio Pulse from Anan Ashraf
Despite a rise in electric vehicle sales in the US, Tesla Inc's market share has dropped, according to a report from Cox Automotive. Tesla's share of the EV market fell to a record low of 50%, down from 62% earlier this year. However, Tesla's sales increased by 19.5% YoY, maintaining its position as the leader in EV sales. The report suggests that the upcoming Cybertruck could reverse this downward trend, despite competition from Ford, Rivian, and Chevrolet.
October 13, 2023 | 10:37 am
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Ford Motor Co, the second-biggest EV seller, sold 20,962 vehicles in the third quarter, marking a 14.8% increase from a year ago.
Ford's increase in EV sales indicates a growing demand for its electric vehicles, which could potentially boost its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 60
NEUTRAL IMPACT
Tesla's market share in the EV segment has dropped to a record low of 50%, but its sales have increased by 19.5% YoY. The upcoming Cybertruck could potentially reverse this trend.
Despite the drop in market share, Tesla's sales have increased, indicating a strong demand for its products. The launch of the Cybertruck could potentially boost its market share, depending on its reception and sales.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100