Skip to main content

Market Overview

Tesla Remains Top Player In US EV Market But Its Dominance Is Shrinking: What You Should Know

Share:
Tesla Remains Top Player In US EV Market But Its Dominance Is Shrinking: What You Should Know

Tesla Inc’s (NASDAQ: TSLA) market share of electric vehicles slipped in the United States in the first quarter as the overall market grew, reveals a Cox Automotive and Kelley Book report.

What Happened: The Elon Musk-led company sold an estimated 69,300 vehicles in the first quarter of 2021 in the U.S., contributing 71% of total EV sales, down from 83% share a year ago.   

Tesla’s Model Y was its best-selling electric vehicle in the U.S., followed by the Model 3, according to the report.  

The Model 3 was the Palo Alto-based company’s best-selling electric vehicle in 2020 but sales in the US market declined by more than 50% year-over-year in the first quarter of 2021. 

See Also: Tesla California Registrations Drop In Q1 Driven By Low Model 3 Demand

The General Motors Company's (NYSE: GM) Chevrolet Bolt was at the third spot on the EV list, with nearly 10,000 sales in the quarter. The all-new Ford Motor Co’s (NYSE: F) Mustang Mach-E, which went on sale in December, was at the fourth spot, outselling both the Tesla Model S and Model X.  

Hybrid Segment Outpaces EVs: According to the report, electrified vehicle sales outpaced the overall market performance in the first quarter and contributed 7.8% of the total U.S. market, up from 4.8% in Q1 2020.    

Total electrified vehicle sales growth of 81% far outpaced industry growth, while battery EV sales jumped by 44.8% year-over-year to 100,000 units in the quarter, a record, the report said.

The hybrid vehicle sales growth outpaced both the market and EVs, doubling to more than 200,000 in the quarter. 

Sales of hybrid and plug-in hybrid vehicles jumped by 106% in Q1 with Toyota Motors Corp. (NYSE: TM), a hybrid pioneer with nearly 25% of its portfolio hybrid, delivered most of that growth, selling 124,449 electrified vehicles in Q1, up from 49,576 in Q1 2020. 

Price Action: Tesla shares closed 0.6% higher at $718.99 on Tuesday and were down 0.92% in extended hours.

 

Related Articles (TSLA)

View Comments and Join the Discussion!

Posted-In: electric vehicles Elon Musk EVsNews Retail Sales Tech Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com