Tesla’s Market Share is Declining – here’s how much it has dropped

Tesla Is Losing Market Share. This Is How Much It’s Down

The decline in Tesla EV deliveries in the first quarter of 2024 had a negative impact on the company’s global market share. According to industry data cited in Tesla’s Q1 financial report, the brand’s market share in the United States and Canada decreased slightly from 4% at the end of 2023 to approximately 3.8% currently.

In 2023, Tesla set a record by delivering over 1.8 million Electric cars, representing a 38% increase from the previous year. However, in Q1 2024, the company delivered 386,810 EVs, which was 9% lower than the previous year.

Despite efforts to stabilize its market share, Tesla also experienced small declines in Europe and China, with market shares around 2.8% and 2.3% respectively.

The recent decrease in market share suggests that Tesla is facing challenges, despite implementing price cuts. The company remains optimistic about future growth, citing upcoming advancements in autonomy and new product launches.

Tesla has announced plans to accelerate the introduction of new electric vehicle models, aiming to increase production volume to potentially three million units annually. Since 2008, Tesla has produced over six million electric cars globally.

The company’s updated vehicle lineup, including more affordable models, will be based on a combination of current and next-generation platforms, allowing for higher production volumes. Tesla is also aiming to expedite the launch of these new models ahead of schedule, with production expected to increase significantly by 2025.