Despite the growing popularity of electric vehicles (EVs), Tesla’s sales and market share have taken a hit. The company’s US market share dropped to 49% in 2024, down from 55% in 2023 and 62% in 2022.
Tesla’s sales fell by 13.3% year-over-year in the first quarter of 2024, with its market share slipping to 51.3%. Meanwhile, other brands like Cadillac, Ford, Hyundai, and Mercedes-Benz saw significant growth in EV sales.
The average transaction price for new EVs decreased by 9% in the first quarter of 2024, with Tesla leading the charge with price cuts. This shift has made EVs more accessible to consumers, contributing to the growing interest in the market.
Globally, Tesla sold 1.75 million electric cars in 2023, capturing 12.32% of the market share. However, the company’s declining market share in the US and other regions may impact its overall performance in the EV market.
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