Since its birth Tesla has always remained first in the automobile market, but the recent statistics seem not to be good. Data collected by the JATO Dynamics regarding Tesla’s performance for the first half of this year has shown that Tesla has been losing ground in it’s top market including the USA and Europe, where sales of Tesla have fallen by 8 % and 13% respectively.
It is true that the buyers are still not interested in buying electric cars, but the overall market of electric cars has seen ascending growth in both the regions. All the now there are lot’s of competitive models by different brands gaining popularity, Despite growing uncertainty about incentives and the future plans of the OEMs that produce these cars.
Let’s Jump into the details
Data collected for the same period for the first half of 2024 revealed that Tesla has sold nearly 161,330 models, which was 185,200 units for the same period in 2023. The real concern here is that during that same time period the total registrations for EV has increased by 1.7%.
Also in the European BEV market Tesla’s shares have fallen from 19.8% to 17.2% this year, which put Tesla in the second position in the decline of sales of BEV market shares for the same period.
Data for Tesla sales in the USA is also continuing the trends. Here the sales volume of Tesla dropped from 324,000 models to 299,200 models in the first half of 2023 to 2024. But in the BEV market Tesla has some relaxation as here sales have increased by 7.6% for the same time frame.
Tesla’s share has fallen from 59.8% to 51.2%, from 2023 to 2024, still it is one of the leading players in its hometown market. But the competition is tough as there are growing numbers of electric car manufacturers. As data shows Hyundai sales increased by 34%, Fords showed 48% growth, Rivian managed 77% growth and Kia achieved 110% jump in their sales.
The reason behind the decline is growing competition. Tesla is feeling pressure from the giant industry master of the German and Chinese industry. Also the price cut strategy that Tesla has followed in 2023 aren’t that attractive now.
