A new report estimates that the company led by Elon Musk accounted for just under half of all battery-powered vehicles sold in the second quarter of t

Tesla’s Share of U.S. Electric Car Market Falls Below 50%

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2024-07-10 23:30:23

A new report estimates that the company led by Elon Musk accounted for just under half of all battery-powered vehicles sold in the second quarter of the year.

Tesla’s once-commanding share of the market for electric vehicles in the United States slipped below 50 percent in the second quarter of the year even as sales of battery-powered cars surged to a record, according to new estimates published Tuesday by a research firm.

Tesla accounted for 49.7 percent of electric vehicles sales from April through June, down from 59.3 percent a year earlier as the company led by Elon Musk lost ground to General Motors, Ford Motor, Hyundai and Kia, the research firm, Cox Automotive said. It was the first time the company’s market share fell below 50 percent in a quarter, according to Cox. The firm, a leading auto industry researcher, estimates market share based on registrations, company reports and other data.

The numbers are the latest sign that Tesla is losing its dominance in a market it in effect created in 2012 when it introduced the Model S sedan. Before that car, very few electric vehicles were sold in the United States.

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