Tesla's U.S. EV Market Share Drops to 38% in August, Lowest Since 2017
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Summary
Tesla's U.S. electric vehicle market share dropped to 38% in August 2023, marking its lowest level since October 2017 and falling below 40% for the first time in nearly eight years. The decline is attributed to increased competition from rival automakers offering EV incentives and Tesla's aging vehicle lineup. Analysts expect EV sales to increase through September due to federal tax credits but anticipate a drop when those credits expire, putting financial pressure on Tesla and other EV manufacturers.
Key quotes
· 4 pulledTesla, which once held more than 80% of the U.S. EV market, accounted for 38% of the total EV sales in the United States in August
the first time it has fallen below the 40% mark since October 2017
Analysts expect an EV sales bump to continue through September in the United States, then drop when federal tax credits expire
Tesla's U.S. market share dropped to a near eight-year low in August as buyers chose electric vehicles from a growing stable of rivals
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