For the first time ever, Tesla’s (TSLA) share of the U.S. electric vehicle market has fallen below 50%, according to data from Cox Automotive.
In its latest report, Cox says that Tesla’s share of the U.S. market slipped below 50% for the first time after the company held a 52% market share to start the year.
Tesla now accounts for 49.7% of electric vehicles sales in America, down from 59.3% a year earlier.
While Tesla is still the largest seller of electric vehicles in the U.S., the company is losing ground to competitors such as General Motors (GM) and Ford Motor Co. (F).
It’s a similar story in Europe and China, where Tesla is losing market share to domestic rivals. Tesla currently has a 20% market share in Europe and 10% in China.
Cox Automotive, a leading auto industry researcher, said overall U.S. electric vehicle sales rose 11.3% in this year’s second quarter from the year ago period.
Electric cars and trucks accounted for 8% of all new cars sold in the U.S. during Q2, up from 7.2% a year earlier.
There are now more than 100 electric vehicle models available in the U.S., according to a separate report published by the Alliance for Automotive Innovation, another industry group.
While electric vehicle sales have not grown as fast as automakers had forecast, the market is still expanding faster than the one for gasoline-powered vehicles.
Gas-electric hybrid vehicles are selling at an even faster rate than fully electric cars, trucks and SUVs, noted Cox Automotive.
News of its eroding market share comes as Tesla’s stock rallies, having gained 44% over the last 10 trading sessions on Wall Street.
Tesla’s stock has been rising after the company reported that its global sales fell 5% to 444,000 vehicles in the second quarter from a year earlier, which was not as bad as analysts expected.
The stock of Tesla has now erased its losses for the year and is up 6% since January.
Tech Insider
