Tesla continues dominance of the US EV market, driving rivals into unprofitability

When it comes to the US electric vehicle market, there is one clear leader: Tesla. The American automaker has forced its rivals into low-volume niches as they struggle to grab market share and turn a profit.

Despite spending billions on EV development, production, and marketing in the US, automakers except Tesla do not have much to show for it. According to data from S&P Global Mobility, only the Tesla Model 3 and Model Y are reporting enough sales to keep a full-scale assembly plant going.

Comparing sales data for automakers in the US in H1 2023, Tesla outsold each of its top 19 rivals by at least a factor of 10. The company delivered 325,291 EVs in the country in the year’s first six months. It was separated from General Motors in second by a large margin (34,943 units), with the majority being the Bolt EV. Ford, Hyundai, and Rivian were the next closest competitors. (via Reuters)

Breaking down the figures by models, Tesla took the first two positions with the Model Y and Model 3. In comparison, the Bolt sold 35,000 units while the Ford Mustang Mach E only managed 13,600. The latter is a significant headache for Ford as a standard assembly plant needs to run at 80 percent at the minimum to be profitable. The electric Mustang is also struggling in China.

Overall, the EV market in the US is expanding, claiming 8.9% of the auto market, up by 2.6 percentage points from 2022. However, the US EV market share might be in for another shake-up with the imminent arrival of the Cybertruck.

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