Legacy BEV’s market share doubles Tesla’s rate
Despite BEV inventory dwindling due to supply chain constraints and traditional automakers continuing to catch up on BEV production, demand for electric vehicles continues to rise…and Tesla is no longer. the only pony in the race. That being said, Tesla remains the “nap” of EV sales, but the rest of the market is starting to catch up.
Morgan Stanley released its July U.S. auto sales report today, highlighting sales data as evidence that inflation continues to affect consumer demand, particularly in low-income households. revenue.
The lack of available BEVs has also resulted in continually high prices for automakers selling BEVs directly to consumers, as well as dealer models charging exorbitant markups to cash in on these demands, denying threats from their OEM superiors.
Despite price and demand issues, BEV sales were up 59.8% year-on-year in an overall auto market down 8.2% year-on-year. According to the report, BEVs now represent 6.1% of the total market, another huge year-on-year jump from its 3.5% market share in July 2021.
Part of the reason for this market growth is the growing number of electric vehicle models going on sale, especially by traditional automakers not named Tesla. For example, Ford Motor Company delivered 7,669 BEVs in July, selling just three models: the Mustang Mach-E, E-Transit and F-150 Lightning. On the tail end of these three EVs alone, Ford leads all legacy OEMs in deliveries this month.
Basic math tells us that as one group’s figurative share of the EV market increases, another’s must decrease, which is the most recent case for Tesla. That said, the VE leader still has plenty of desserts on his plate.
Tesla’s share accounted for 60.9% of the BEV market in the United States, down 7.5% from a year ago (68.4%). Although its saturation has waned a bit, its July sales provide more evidence that Tesla is still the darling of electric vehicles in the United States. Its estimated 42,813 sales are approximately 1.6 times higher than the rest of the BEV industry combined (27,543 US sales).
Tesla is still the clear leader, at least for now. One final chunk of data that is important to note in by Morgan Stanley The July report is sales growth. While nominal Tesla sales were reportedly up nearly 37% year-over-year, non-Tesla BEV sales nearly doubled, up 90.6% from a year ago.
Obviously, this is a brand that’s up against a whole host of other American automakers, but these particular numbers show that Tesla is no longer the only viable EV option on the market. This should be celebrated because of what it means to snowball EV adoption and the number of cool EVs that are and will soon be available to American consumers.
Right now, with demand not just for Tesla, but for all electric vehicles far outstripping supply, sales really depend on how many vehicles and which automaker is making and allocating them in the United States. Tesla, with its Gigafactories and vertical integration, is able to almost compete with the rest of the established auto industry, which is super impressive.
However, we expect Tesla’s declining percentage of the overall EV market to continue as major companies like VW, Toyota and GM continue to ramp up their battery supply and production of EVs. At the current rate, Tesla is expected to fall below 50% at some point next year.
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