{"id":6121,"date":"2024-07-16T01:35:50","date_gmt":"2024-07-16T01:35:50","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/16\/teslas-share-of-us-ev-market-dips-below-50-percent-for-first-time\/"},"modified":"2024-07-16T01:35:50","modified_gmt":"2024-07-16T01:35:50","slug":"teslas-share-of-us-ev-market-dips-below-50-percent-for-first-time","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/16\/teslas-share-of-us-ev-market-dips-below-50-percent-for-first-time\/","title":{"rendered":"Tesla\u2019s Share of US EV Market Dips Below 50 Percent for First Time"},"content":{"rendered":"

Tesla\u2019s (NASDAQ:<\/strong>TSLA<\/strong>)<\/strong> share of the US electric vehicle (EV) market fell below the 50 percent threshold for the first time ever in 2024\u2019s second quarter, according to a July 11 report from Cox Automotive.<\/strong><\/p>\n

The company\u2019s dominant position in the American EV market, which it has held since the introduction of its Model S in 2012, took a hit on the back of competition from rival automakers, including EV manufacturers in China. <\/p>\n

Tesla accounted for 49.7 percent of EV sales in the US from April to June, down from 59.3 percent a year earlier. The decline came despite growth in overall US EV sales, which rose 11.3 percent compared to the same period last year. <\/p>\n

The total number of electric cars and light trucks sold in the US exceeded 330,000 units during the second quarter, representing 8 percent of all new car sales in the period, up from 7.2 percent a year earlier.<\/p>\n

The drop in Tesla\u2019s market share can be attributed to several factors. One is that traditional automakers like Ford (NYSE:F), Hyundai (KRX:005380) and Kia (KRX:000270) have been aggressively expanding their EV offerings.<\/p>\n

Just last month, Hyundai and Kia entered into a long-term agreement with Chilean chemicals company SQM (NYSE:SQM) to acquire their supply of lithium hydroxide, a necessary component for EV batteries.<\/p>\n

At the same time, Tesla\u2019s EV lineup has aged, with the best-selling Model Y debuting in 2020. <\/p>\n

In contrast, competitors are introducing newer models with updated technology and designs. Hyundai and Kia, for example, offer a broader range of EVs at competitive prices, with the former finding commercial success for its IONIQ 5 release, while the IONIQ 6 is one of the 10 most fuel-efficient EVs in the US this year.<\/p>\n

Tesla\u2019s global sales were down in Q2 as well. The company reported a 4.8 percent drop in sales worldwide for the quarter, with approximately 444,000 units sold. Cox estimates its US sales fell by 6.3 percent to 164,000 cars.<\/p>\n

\n

Chinese Tesla rival BYD steps up <\/h3>\n

BYD (OTC Pink:BYDDF,SZSE:002594) is China\u2019s largest EV maker and another significant rival for Tesla. <\/p>\n

On July 9, it announced a US$1 billion deal to establish a manufacturing plant in Turkey. <\/p>\n

<\/span>The facility is expected to produce up to 150,000 vehicles annually and will help BYD circumvent newly increased tariffs imposed by the European Union on Chinese-made EVs. The Turkish plant is also part of BYD\u2019s broader strategy to expand production outside China, including new facilities in Thailand and plans for a plant in Mexico.<\/p>\n

BYD\u2019s expansion comes amid increasing regulatory challenges in the west. <\/p>\n

As mentioned, the European Union recently raised tariffs on Chinese EVs by an additional 17.4 percent, while the US has imposed a 100 percent border tax on Chinese-made electric cars.<\/p>\n

In December of last year, BYD also announced plans to open an EV plant in Hungary. <\/span><\/p>\n<\/div>\n

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Tesla\u2019s (NASDAQ:TSLA) share of the US electric vehicle (EV) market fell below the 50 percent threshold for the first time ever in 2024\u2019s second quarter, according to a July 11 report from Cox Automotive. The company\u2019s dominant position in the American EV market, which it has held since the introduction of its Model S in […]<\/p>\n","protected":false},"author":0,"featured_media":6122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-6121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=6121"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/6122"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=6121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=6121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=6121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}