"Despite a 23% decline in its U.S. sales to 39,800 in November, Tesla Inc. ( NASDAQ: TSLA) still has the best-selling electric vehicle (EV) model in the United States by far. According to Experian, the Model Y had 30% of all EV sales in the third quarter of this year. Tesla also has the number two spot with the Model 3, which had a 10% market share."
"The data also show the small but steady market share gains by other car companies. The Chevy Equinox and the Hyundai IONIQ 5 each had about a 5% market share. No other EV model sold in the U.S. had a bigger market share. However, 10 models from various manufacturers have market shares of 2% or greater. That shows how fragmented the EV market is."
Tesla's Model Y accounted for 30% of U.S. EV sales in Q3 and the Model 3 held 10%, establishing clear Tesla dominance. Tesla's U.S. sales fell 23% to 39,800 units in November while nationwide EV sales dropped 41% year over year that month. The Chevy Equinox and Hyundai IONIQ 5 each captured roughly 5% market share, and ten other models hold 2% or more, signaling a fragmented market. Legacy automakers that entered EVs recently have small shares in a shrinking sector. High financial losses for EV ventures are likely to continue and profitability remains years away. The Model Y's base MSRP is $37,990 versus an industry average near $58,000, and a $25,000 price point is viewed as necessary for mass U.S. adoption.
Read at 24/7 Wall St.
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