Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

Tesla’s Grip Slips: U.S. Market Share Plummets Below 50%

Daniel Kim Views  

As of April 2024, Tesla, the largest electric vehicle company in the US, held less than 50% of the new electric vehicle market share in the country. Automotive News reported that Tesla accounted for 47,350 (46.3%) of the 102,317 new EVs registered in the US during April 2024. This marks a significant decline of 17.5 percentage points from Tesla’s market share of 63.8% in April 2023.

On the other hand, the market share of companies excluding Tesla jumped from 36.2% in April 2023 to 53.7% in April 2024. From January to April 2024, Tesla (183,278 units) accounted for 50.1% of the new EVs in the US. Ford followed with 29,816 units.

Hyundai and Kia ranked third and fourth, with 20,009 and 16,579 units, respectively. Hyundai and Kia’s combined number of registered EVs is 36,588, 6,772 more than Ford. From fifth to seventh place were BMW (15,791 units), Rivian (15,045 units), and Mercedes-Benz (12,786 units).

Hyundai and Kia’s good sales performance in April 2024 was driven by the IONIQ 5 and EV6. The number of registered units of Hyundai’s flagship EV, the IONIQ 5, reached 4,078 units, nearly doubling compared to the same month last year (2,117 units). The number of Kia EV6 registrations increased by 93.8% to 2,178 units.

Tesla’s new EV market share decline in the US appears to be due to local tax credit policies and sales incentives for non-Tesla companies. Tesla’s electric sedan Model 3 was excluded from tax credits under the US Inflation Reduction Act (IRA) as it was equipped with Chinese batteries in January 2024. Tesla has changed the battery origin of its Model 3 long-lasting model since last month. Additionally, non-Tesla companies’ sales incentives were much higher than Tesla’s.

According to Automotive News, the Tesla Model 3 incentive is $10,392, which is relatively very low compared to the Ford Mustang Mach-E ($9,000) and the Toyota EV bZ4X ($10,963). However, there is also a view that incentives of around $10,000 will be difficult to sustain as they can act as a significant financial burden on manufacturers.

Hyundai Motor Group is scheduled to complete the construction of a new plant, Hyundai Motor Group Metaplant America (HMGMA), in Georgia, US, in the fourth quarter of 2024. Once the plant is operational, it will meet the North American assembly requirements to receive local EV tax credits.

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Tesla Cybertruck Outsells Ford F-150 Lightning in May
  • U.S. vs. China: How Biden's New Rule Crashed the NASDAQ
  • SpaceX and X to Call Texas Home, Musk Blames California Law
  • Cathie Wood Bets Big on Nuclear Future, Invests $2.4 Million in Oklo
  • Elon Musk's Public Support for Trump Sends Tesla Shares Skyrocketing
  • Trump Shooting Caused 10% Surge in Chinese Tech Company

Weekly Best Articles

  • How Spain Is Using Goats and Sheep to Battle Wildfire Season
  • When Eye Contact Is Your Enemy: 10 Scary Reality of Scopophobia
  • 7 Romantic Getaways Around the World for a Deeper Love
  • Why Corn Should Be Your Go-To Snack This Summer: 10 Health Benefits Revealed
  • 10 Essential Tips for a Safe and Enjoyable Summer Hike
  • Could We Run Out of Ketchup? California Drought Threatens Tomato Supply
  • 4 Easy Tips to Keep Your Corn Freshness All Summer Long
  • How Regular Sauna Use Can Help Control Menopause Weight Gain
  • 10 Do’s and Don’ts of Peroxide Soda: Safety Tips You Need to Know
  • Passenger Forced to Pay $700 for Reclining His Seat on a Train – Here’s Why
  • 10 Easy Hacks to Prevent Armpit Sweat and Smell
  • Why You’ll Never See Trash at Disneyland: The 30-Foot Rule

You May Also Like

  • 1
    4 Easy Tips to Keep Your Corn Freshness All Summer Long

    LIFESTYLE 

  • 2
    How Regular Sauna Use Can Help Control Menopause Weight Gain

    LIFESTYLE 

  • 3
    10 Do's and Don'ts of Peroxide Soda: Safety Tips You Need to Know

    LIFESTYLE 

  • 4
    Passenger Forced to Pay $700 for Reclining His Seat on a Train - Here's Why

    LIFESTYLE 

  • 5
    10 Easy Hacks to Prevent Armpit Sweat and Smell

    LIFESTYLE 

Popular Now

  • 1
    Why You’ll Never See Trash at Disneyland: The 30-Foot Rule

    LIFESTYLE 

  • 2
    Hollywood's Next Big Hits: Top 10 Upcoming Movies You Can't Miss

    ENTERTAINMENT 

  • 3
    Barcelona Bumps Up Tourist Tax: Travel Just Got Pricier!

    LIFESTYLE 

  • 4
    First-of-its-Kind Suicide Capsule to be Used in Switzerland

    DEBATE 

  • 5
    South Korea's Loudspeaker Attack Has North Korea on Edge

    ASIA 

Weekly Best Articles

  • How Spain Is Using Goats and Sheep to Battle Wildfire Season
  • When Eye Contact Is Your Enemy: 10 Scary Reality of Scopophobia
  • 7 Romantic Getaways Around the World for a Deeper Love
  • Why Corn Should Be Your Go-To Snack This Summer: 10 Health Benefits Revealed
  • 10 Essential Tips for a Safe and Enjoyable Summer Hike
  • Could We Run Out of Ketchup? California Drought Threatens Tomato Supply
  • 4 Easy Tips to Keep Your Corn Freshness All Summer Long
  • How Regular Sauna Use Can Help Control Menopause Weight Gain
  • 10 Do’s and Don’ts of Peroxide Soda: Safety Tips You Need to Know
  • Passenger Forced to Pay $700 for Reclining His Seat on a Train – Here’s Why
  • 10 Easy Hacks to Prevent Armpit Sweat and Smell
  • Why You’ll Never See Trash at Disneyland: The 30-Foot Rule

Must-Reads

  • 1
    4 Easy Tips to Keep Your Corn Freshness All Summer Long

    LIFESTYLE 

  • 2
    How Regular Sauna Use Can Help Control Menopause Weight Gain

    LIFESTYLE 

  • 3
    10 Do's and Don'ts of Peroxide Soda: Safety Tips You Need to Know

    LIFESTYLE 

  • 4
    Passenger Forced to Pay $700 for Reclining His Seat on a Train - Here's Why

    LIFESTYLE 

  • 5
    10 Easy Hacks to Prevent Armpit Sweat and Smell

    LIFESTYLE 

Popular Now

  • 1
    Why You’ll Never See Trash at Disneyland: The 30-Foot Rule

    LIFESTYLE 

  • 2
    Hollywood's Next Big Hits: Top 10 Upcoming Movies You Can't Miss

    ENTERTAINMENT 

  • 3
    Barcelona Bumps Up Tourist Tax: Travel Just Got Pricier!

    LIFESTYLE 

  • 4
    First-of-its-Kind Suicide Capsule to be Used in Switzerland

    DEBATE 

  • 5
    South Korea's Loudspeaker Attack Has North Korea on Edge

    ASIA 

Share it on...