Tesla Leads the EV Race; Hyundai, Ford gain ground
Ford and the rest of the Legacy pack have a lot of catching up to do with EV leader Tesla.
The Austin, Texas-based EV maker claimed 65 percent of new electric vehicle registrations through August, down only slightly from its 66.2 percent share last year. Four of the top five EVs registered in August were Teslas.
Overall, EV registrations increased by 56 percent year-on-year. Through August, electric vehicles accounted for a record 5 percent of total light vehicle registrations in the US, compared to 2.6 percent a year ago.
Legacy automakers and non-Tesla startups saw 61 percent growth in EVs through August, with 160,403 registrations across 22 brands, according to data from Experian.
According to EV subscription startup Autonomy, automakers have launched nearly 15 EV models in the United States since early 2021, eight of which launched this year.
The competition is gnawing at Tesla’s early lead. Autonomy predicts that Tesla’s share of EVs sold in the U.S. will fall below 40 percent by the end of next year.
Abuelsamid expects General Motors to become a strong electric vehicle supplier by early 2024.
“There’s a good chance GM will overtake Ford and Hyundai Motor Group in launching high-volume EV models like the Silverado, Equinox and Blazer,” he said.