Tesla's market share in the US electric car market has dropped below 50% for the first time, with this company led by Elon Musk seeing more and more competitors grabbing market share in the field it once dominated.
According to the latest estimate released on Tuesday by research institution Cox Automotive, Tesla's market share in the US electric car market fell to 49.7% in the second quarter of this year, marking the first time that the company's share in a quarter was below 50%, a decline of nearly 10 percentage points compared to the same period last year, when it was 59.3%.
Cox plans to release its second-quarter complete report on electric vehicle sales on July 11, but the company has revealed some data in recent communications, including Tesla's declining market share. Here are the figures:
Tesla's sales in the US have fallen by 6.3% in the past three months.
Strong sales of electric vehicles by General Motors, Ford, Hyundai and Kia pushed total electric vehicle sales in the US to 330,463 in the second quarter, up 11.3% year-on-year, breaking the previous record of 317,168 vehicles in the fourth quarter of last year.
In the second quarter of this year, electric vehicle sales accounted for 8% of total US car sales, up from 7.1% in the first quarter and 7.2% in the same period last year.
"Although Tesla's sales continue to decline, its share of electric vehicle sales has fallen below 50% for the first time, further intensifying the overall competitive landscape of the electric vehicle industry," said Stephanie Brinley, Cox Automotive's industry insights director, in a statement.
"This will lead to sustained price pressure that will help drive the slow adoption of electric vehicles. Auto manufacturers that offer appropriate products at appropriate prices and deliver outstanding consumer experiences will lead this trend."