Intense competition among electric vehicle manufacturers, Tesla's market share in the US falls below 50% for the first time
Tesla's market share in electric vehicle sales in the United States fell below 50% for the first time, but its stock price has risen for ten consecutive days. The "Kelley Blue Book" shows that electric vehicle sales in the United States have reached a historic high, with competitors such as General Motors, Ford, Hyundai, and Kia seeing sales growth. The decline in sales of European luxury car manufacturers has dragged down the overall sales. Tesla's sales continue to decline, further intensifying the competition in the electric vehicle market. Tesla's stock price rebounded after second-quarter delivery data exceeded expectations, rising 3.7% on Tuesday
According to the latest research from Zhitong Finance and Economics APP, as the overall sales of electric vehicles in the United States have surged to a historic high, Tesla (TSLA.US) has seen its market share in the U.S. electric vehicle sales drop below 50% for the first time. Meanwhile, the stock price of this electric vehicle manufacturer continued to rise on Tuesday, marking a ten-day consecutive increase.
The second-quarter electric vehicle sales report released by Kelley Blue Book shows that Tesla's sales in the United States have declined by 6.3%, while the overall electric vehicle sales have reached a historic high.
Stephanie Valdez Streaty, Director of Cox Automotive Industry Insights, stated that intensified competition "continues to exert price pressure, helping to drive a slow increase in the penetration rate of electric vehicles."
Intense Competition Among Electric Vehicle Manufacturers
According to Kelley Blue Book, the quarterly sales of electric vehicles from General Motors (GM.US), Ford (F.US), Hyundai, and Kia reached 330,463 units, an 11.3% year-on-year increase. During this period, electric vehicles accounted for 8% of total U.S. sales, higher than the 7.1% in the first quarter and the 7.2% from the same period last year.
Data from Kelley Blue Book shows that the total sales were affected by declining sales from some European luxury car manufacturers such as Mercedes-Benz, Polestar (PSNY.US), Porsche, and Volvo.
Valdez Streaty said, "Tesla's sales continue to decline, with the market share of electric vehicle sales falling below 50% for the first time, further intensifying the competition in the entire electric vehicle market."
Continued Rise in Tesla's Stock Price
Last week, Tesla's second-quarter delivery data exceeded expectations, boosting Tesla's stock price to return to an upward trend this year, initiating a rebound in the stock price.
The latest developments on Tesla's Robotaxi are expected to be announced in early August, which may become another favorable factor supporting the rebound in the stock price.
Tesla rose by 3.7% on Tuesday, closing at $262.33, becoming one of the best-performing stocks in the Nasdaq Composite Index and one of the best-performing stocks in the S&P 500 Index. The stock has accumulated a 44% increase during the ten consecutive rise period