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.

Hyundai, General Motors and Ford’s market share in the US has increased in the second quarter. Last year, Tesla’s Model Y has been the best-selling car in the world. Japan’s 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 place in terms of sales. Tesla is struggling to maintain growth in its largest market abroad, China. 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. Due to this, Musk has also decided to lay off employees in the company.

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