"There are specific concerns surrounding Tesla, whose market share has fallen dramatically, and consecutive bad quarters haven't helped. In ar recent podcast, Doug McIntyre and Lee Jackson point out that as EV demand drops - from 8% of total car sales earlier in the year to a projected 4% - these companies will face even greater financial losses. The two also discuss Tesla, comparing its dominance on the EV market to that which General Motors once had in the 1960s."
"And this is what the year looked like for EV manufacturers. Crummy first quarter, crummy second quarter, probably huge crummy July or something. Then all of a sudden a hockey stick. So the year was about a million EVs totally sold in the United States, but about 440,000 of those were in the third quarter. So this is, here's, here's where you end up."
The $7,500 EV tax credit has expired while EV demand has fallen from about 8% of car sales to a projected 4%, reducing sales momentum. U.S. EV sales reached roughly one million for the year, with about 440,000 in the third quarter, concentrating recent purchases. Tesla's share dropped to 46% from near 80%, while GM holds about 13% and Ford and Hyundai roughly 6% each. High EV prices and rising electricity costs are further depressing demand. Only a few companies may remain profitable, and many smaller or struggling EV makers may need acquisition by larger automakers to survive.
Read at 24/7 Wall St.
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