Latest figures show that EVs continue to grow in the US, but at a slower pace than expected. But the biggest change is the shrinking market share of the EV king, Tesla Inc.
The fall of Tesla.
According to Cox Automotive, Tesla's market share of US sales fell below a key level, or more precisely 50% for the first time. Now, Tesla holds 49.7% of the market it once had practically all to itself.
With the fall of Tesla comes an increased competitive landscape.
During the second quarter, Cox Automative estimates overall EV sales grew about 8% of the total market, rising from 7.2% reported during 2023's comparable quarter. According to Cox Automotive, Tesla began subtly falling from grace after 2019's third quarter when it held 82.5% of the market. Meanwhile, Ford Motor (NYSE:F) ranked second with its electric SUV Mustang Mach-E, the electric F-150 pickup or the Lightning, and E-Transit cargo vans. With this EV trio, Ford gained a 7.2% share during the second quarter. Among the top five were Kia with a market share of 7.2%, followed by Hyundai with 5.1% market share and BMW holding 4.3% of the market.
A revolutionary accessory for electric pickups is coming this summer.
Promising to elevate the pickup truck experience altogether, Worksport Ltd (NASDAQ:WKSP), announced a new dealer webpage ahead of the eagerly anticipated launch of its solar-powered tonneau cover and portable battery system.
With a new dealer webpage, Worksport is already seeing a sales boost.
The launch of a new dealer portal comes shortly after Worksport reported record breaking sales in May. With a market size that exceeds 7 million covers per year and its factory capable of producing more than 900 covers a day, Worksport justifies its high hopes for its tonneau cover business to reach cashflow positivity and nine-figure revenues in the near-term.
The SOLIS solar tonneau cover and COR portable battery system, are expected to unlock the next segment its growth after they are released this summer. With the power duo promising to disrupt both the pickup and the rapidly growing portable power industry, Worksport is building on this momentum as it strives to redefine industry standards with its intellectual portfolio.
All in all, the EV landscape continues to evolve and is already a different place compared to one that used to be run by Tesla.
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