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Tesla Inc (NASDAQ:TSLA) dominates the U.S. electric vehicle market: the automaker maintains a market share leadership position in 49 of the 50 states. Here’s a look at the missing piece for Tesla.
What Happened: With increased competition in the electric vehicle space, Tesla has seen its market share decline.
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In 2020, Tesla held a 79% market share for all new electric vehicles registered in the United States. In 2021, the market share for Tesla declined to 69.95%.
With its dominant position in new electric vehicle registrations, Tesla holds the No. 1 market share position in 49 states, with one missing.
The one state where Tesla is not in the lead? Alaska.
In Alaska, Tesla has a market share of 33.59%, which trails state leader Nissan Motor Co (OTC:NSANY) and its 40.17% market share.
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General Motors Co (NYSE:GM)-owned Chevrolet brand ranks third in Alaska with a 15.25% market share.
Tesla opened its first Supercharger in Alaska in November 2021, which could be a contributing factor in the lower market share. The company also does not have any service centers open in Alaska.
Supercharger installations can sometimes be a precursor to Tesla expanding its presence and operations in a region.
The state of Alaska is one of the smallest in terms of electric vehicle registrations based on units and market share. Only 0.1% of all new vehicles registered in Alaska in 2021 were electric compared to U.S. leader California at 35.3%.
Related Link: Here's How Much The Cheapest Tesla Vehicle Is Now After Price Increases
Why It’s Important: Tesla’s 69.95% market share in the U.S. is far ahead of the pack, with Nissan ranking second with 8.5% share, Chevrolet third at 7.15% and Ford Motor Co (NYSE:F) ranking fourth at 2.31%.
Tesla’s buildout of Supercharger stations and service centers across the U.S. has helped give the company an early lead and strong brand awareness in states.
Traditional automakers still face significant hurdles to catch up to Tesla EV market share.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.