Tesla’s global market share has dropped to its lowest level in over 2 years as competition for electric cars intensifies
- Tesla’s share of the global electric car market fell to 11% in April.
- The electric car manufacturer’s lead is also shrinking in the US as Ford and GM build their own electric vehicles.
- Tesla stock fell to its lowest level in three weeks after the news.
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Tesla’s influence on the electric car market is wavering.
In April, the automaker’s global market share fell to its lowest level since January 2019, according to Credit Suisse analyst Dan Levy. Tesla’s share of global EV market share fell from 29% to 11% between March and April as more and more automakers flooded the market.
Former Ford CEO Mark Fields told CNBC that Tesla CEO Elon Musk is under pressure from several auto companies.
“One of many things [Musk] He pushed the industry to take EV seriously, “Fields said.” He has real competition now, so you see some of their share in some of the big markets under a lot of pressure. “
Levy said Tesla’s market share fell across the board from China to Europe as well as the United States.
While Tesla remains the leading electric car company in the United States, its market share has continued to decline. In April, Tesla’s market share fell from 72% in the previous month to 55%.
Levy attributes the decline to recent price increases for Tesla products as well as emerging competition from automakers like Ford and General Motors, which have benefited from Musk’s momentum. He noted that Volkswagen has taken the lead in Europe and Ford’s new Mustang Mach-e has reduced Tesla’s US sales.
Tesla’s market share has been declining for several months. In February, the Mustang Mach-e became the third-highest-selling electric vehicle in its first full month of sales. Last month Ford announced its electric F-150, and the vehicle quickly gained public attention after President Joe Biden toured Ford’s facility. After its debut, Ford took over 44,500 pre-orders for the vehicle within 48 hours.
GM has also generated quite a stir in recent months for details on the future launches of its Hummer EV and its Chevrolet Silverado electric pickup truck.
Meanwhile, Tesla has taken a close look at the safety of some of its vehicles. On Thursday, the auto company announced its third recall of the month. His autopilot system has also come under fire in several car accidents this year.
Tesla stock rose in 2020 but has already fallen over 14% in 2021. Tesla stock fell as much as 4% to its lowest level in three weeks after market share data was released on Wednesday. The company was trading just under $ 600 per share at the time of publication.
Tesla’s loss was Ford’s gain. Ford shares are up nearly 69% this year.