"Cox Automotive data shows that Tesla Inc. ( NASDAQ: TSLA) sales dropped 23% year over year to 39,800 in November. The research firm said this was the worst quarter Tesla has had in terms of unit sales since 2022. The Tesla news is not as bad as it first seems. Overall electric vehicle (EV) industry sales fell 41%. So, Tesla's market share rose from 43% to 56%."
"Tesla has been losing U.S. market share for some time. That share was 80% in 2019. Since then, many U.S. and international car companies that sell vehicles in the U.S. have captured some EV market share. In the process, these manufacturers, which include Ford and GM, lost billions of dollars. Each got a market share of less than 10% for its investment."
Tesla's U.S. unit sales fell 23% year-over-year to 39,800 in November, marking the weakest quarterly unit performance since 2022. Overall EV industry sales plunged 41%, which allowed Tesla's U.S. market share to rise from 43% to 56%. The sales decline coincided with the expiration of an EV tax credit of up to $7,500 on September 30, reflecting shaky core demand for EVs in the United States. Tesla has ceded share since 2019 as many automakers entered the EV market and incurred large losses. If EV demand recovers, Tesla could be a primary beneficiary.
Read at 24/7 Wall St.
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