Tesla's market share in electric vehicle sales in the US fell to 49.7% in Q2 2021, decreasing from 59.3% the previous year, as companies like General Motors, Ford, Hyundai, and Kia gained ground, according to Cox Automotive.
The US electric vehicle market grew by 11.3% from the previous year, with over 330,000 electric cars and light trucks sold, constituting 8% of all new vehicle sales in the quarter, highlighting consistent consumer demand.
Tesla's dominance in the electric vehicle market, which it essentially created in 2012 with the Model S, is waning as traditional automakers have introduced models matching or surpassing Tesla's driving range and performance capabilities.
The Alliance for Automotive Innovation reported over 100 electric vehicle models available in the US market, signaling significant competition for Tesla beyond what it faced in its earlier years.
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