It’s at its lowest mark since 2017.
Transcript:
CAROLINE WOODS: Tesla’s market dominance is showing cracks.
Its U.S. EV market share dropped to just 38% in August – a near eight-year low and the first time it’s slipped below 40% since 2017. That’s according to Reuters, citing Cox Automotive.
It’s a sharp fall from the days when Elon Musk’s company commanded more than 80% of the market.
So what’s changed? Rival automakers are rolling out new electric models and luring buyers with big incentives. Meanwhile, Tesla’s lineup is aging. Instead of refreshing or launching a lower-cost model, Musk has shifted focus to robotaxis and humanoid robots.
Analysts expect EV sales overall to keep climbing through September. But once federal tax credits expire at the end of the month, demand could cool – putting even more pressure on Tesla… and its rivals.
For investors and car buyers alike, the big question now: has Tesla lost its edge?
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