The electric vehicle market in the United States broke records in electric vehicle sales in 2022 and marked the beginning of strong demand for them.
After a slow but steady sales growth, electric vehicle registrations in the US. shot up 60 percent in the first quarter of 2022 even as the overall new car registrations dropped 18 percent. It’s a sign of domestic EV acceptance in the country.
US EV Market Share by 1H 2022
Currently, Tesla has 71.4%, Hyundai has 9%, Ford has 6%, Volkswagen has 4.4% and others have 9.2% of the electric vehicle market share. Tesla’s EV market share has decreased, increasing the market share for others. Tesla’s share price is 702.33 which is down by 8.79 yet it has captured more than 70% of the market.
Tesla has been dominating the US. electric vehicle market since the beginning. It continues to dominate the market share. However, competition is beginning to gain momentum, and different companies are bringing out new EV models to the range of vehicles offered.
This resulted in a decrease in its market share. Hyundai’s first electric sedan Ioniq 6, Ford’s F-150, Volkswagen’s I.D vehicles, etc are gaining market share in the US electric Vehicle market.
It is true that Tesla has lost market share in the EV industry yet it has increased market share in the overall automotive industry.