Tesla suffers Big jolt, US EV Market Share declines to below 50 Percent, GM, Hyundai, Ford Gain

Tesla, one of the biggest electric vehicle (EV) companies, has suffered a setback in its biggest market, America. The company’s share in the US EV market has fallen below 50 percent. However, it is far ahead of its rivals. The pace of sales has also slowed down in the international market of EVs.

According to data from market research firm Cox Automotive, billionaire Elon Musk’s Tesla’s market share in the US has dropped to 49.7 percent in the second quarter. It was 59.3 percent in the same period a year ago. Tesla started its business in 2012 with the Model S. The company’s Model S was sold in large numbers. The Model X and Model 3 introduced after this also became popular. However, the company’s sales have decreased in the last few months.

In the second quarter, the share of Hyundai, General Motors and Ford increased in the US market. Last year, Tesla’s Model Y was the best-selling car in the world. Japanese automobile company Toyota’s Corolla was the best-selling car in the international market for almost two decades. Last year, it was at the fourth position in terms of sales. Tesla is struggling to maintain growth in China, its biggest market abroad. It is facing tough competition from BYD in China. Apart from this, sales of Nio Inc, Xpeng and Li Auto have also increased. Despite reducing the prices of electric cars, Tesla’s sales are not increasing. Because of this, Musk has also decided to lay off employees in the company.

According to data from Jato Dynamics, Tesla sold around 12.2 lakh units of the Model Y last year. This is an increase of around 64 percent on a year-on-year basis. Toyota has seen a decline of around 19 percent in Corolla sales. Toyota’s RAV4 was the second best-selling car last year with sales of around 10.8 lakh units. It was followed by Honda’s CR-V (8,46,000 units). Tesla’s Model 3 has also made it to the top 10 best-selling cars.