Is Tesla growing at a fast enough rate? Recent reports indicate its market share is falling and despite the constant coverage it receives, it may not have as much market cap dominance as it appears.
Tesla is growing, but is it growing fast enough? Recent reports indicate the electric manufacturer’s market share has fallen from 29% to 11%. Given the coverage it receives, and its market cap dominance, you may not realise the extent to which incumbents are eating away at Tesla’s perceived stranglehold on the market.
To start, Volkswagen is now Europe’s no. 1 EV producer selling 24% of the 856,000 EV’s sold in the last year. This is more than double Tesla’s output as Nissan/Renault (alliance), Hyundai/Kia (alliance) and Stellantis exceed its sales. This is most likely a supply issue as Tesla’s Berlin factory is delayed in opening and only 3 models can be offered to the local market.
In America, Ford’s electric Mustang is now more heavily produced than its petrol counterpart. By 2030, Ford expects 40% of sales to be in EVs. The company will need to increase their offering massively as currently only the Mustang is available as an EV. Meanwhile, rival GM expects to cease petrol car production by 2035.
Speaking of the car wars, Stake put a Tesla Model S to the test against a petrol powered iconic Mustang GT. A race over 250m. Who comes out on top? Watch the contest here.
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