New electric vehicle models from multiple automakers are starting to chip away at Tesla's dominance of the U.S. EV market, according to national vehicle registration data.
But numbers collected by S&P Global Mobility show that Tesla still controlled about 65% of the growing electric vehicle market during the first nine months of this year. And the competitors made gains in the sticker price range below $50,000, where Tesla barely competes.
According to S&P, electric vehicles have picked up 2.4 percentage points of U.S. market share this year, growing to 5.2% of all light vehicle registrations. Of the 525,000 electric vehicles registered during the first nine months of the year, about 65%, or 340,000, were Teslas, S&P said. Tesla also faces competition at the higher end of the market from BMW, Mercedes-Benz, Audi, Polestar, Rivian, Lucid and others.
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