US electric car quarterly sales exceed 300,000, but Tesla's market share hits a new record low.
In the third quarter of this year, the total sales of electric vehicles in the United States increased by nearly 50% compared to the same period last year, reaching a record high of 7.9% of the industry's total sales. However, Tesla's market share in the U.S. electric vehicle market has dropped from around 62% in the first quarter to about 50%.
On Thursday, October 12th, Cox Automotive, an American electric vehicle company, released a report showing that in the third quarter of this year, electric vehicle sales in the United States exceeded 300,000 units for the first time. However, Tesla, the leader in the electric vehicle market, saw its market share drop to the lowest level on record.
According to the data in the report, electric vehicle sales in the United States in the third quarter increased by nearly 50% compared to the same period last year, accounting for 7.9% of the total automotive industry sales, reaching a historical high. In the same period last year, it was 6.1%, and in the second quarter of this year, it was 7.2%. Tesla currently holds about half of the market share in the US electric vehicle market, while in the first quarter of this year, Tesla's market share reached 62%.
Due to intensified competition in the electric vehicle industry, Tesla has initiated "price promotions" globally since the end of last year. In the two largest markets, China and the United States, Tesla occasionally adjusts the prices of different models. However, looking at Tesla's delivery volume in the third quarter, sales did not meet expectations.
The data shows that Tesla's sales in the third quarter increased by 19.5% compared to the same period last year, exceeding the industry's overall growth rate of 16.3%. Tesla delivered 435,059 vehicles in the third quarter, lower than analysts' expectations of 456,722 vehicles, and also a decline from the second quarter. This is also the first time since the second quarter of 2022 that Tesla has seen a MoM decline in delivery volume. Meanwhile, its competitor Rivian's delivery volume exceeded analysts' expectations, and the company reaffirmed its annual production target of 52,000 vehicles.
Earlier this month, industry analysis company Canalys stated that although Tesla still dominates the US market, as people's interest in electric vehicles continues to grow, higher demands for the variety of electric vehicles have been raised.
The report points out that higher inventory levels, more product supply, and downward price pressure have helped stimulate the continuous linear growth of electric vehicle sales in the US market. The price war initiated by Tesla reduced the average price of electric vehicles in September from $52,000 in the previous month to $50,000.
As for Tesla's future, Cox is relatively optimistic. The report points out that with the launch of Tesla's electric pickup truck, the Cybertruck, the trend of declining market share may be reversed.
However, some analysts believe that throughout September, there were few news about Tesla's plans to deliver the Cybertruck, which has led to speculation about the reasons for the delayed delivery and further concerns about Tesla's recent product line. Even if Tesla can deliver the Cybertruck by the end of the year, it will be difficult to increase production in the short term. Musk has warned that the upgrade and shutdown of some of the company's factories during the summer will slow down production speed.