Electric vehicle sales data for September 2023 shows that Tesla’s dominance of the EV market may be slipping, as other automakers ramp up their efforts and introduce more compelling models. According to registration data from Experian, Tesla’s year-over-year growth was just 2.4% in September, reaching only 28,391 registrations compared to 27,732 in September 2022. Meanwhile, registrations for other EV brands jumped 97% to 71,710.
Tesla’s Slowing Momentum
Tesla has led the EV revolution in the U.S., capturing over 65% of the market in 2021. However, the company seems to be losing some momentum. The Cybertruck and Semi truck still haven’t launched, the wait time for new Model Y and Model 3 orders stretches into 2024, and Tesla shut down its referral program in September. Meanwhile, Tesla’s competitors are aggressively expanding their EV lineups.
Legacy automakers like Ford, GM, Hyundai, and Kia are all introducing new electric models to appeal to a wide range of buyers. Startups like Rivian, Lucid Motors, and Polestar are also ramping up production and deliveries. This influx of new EVs provides more choice for consumers and makes it harder for Tesla to continue dominating.
Ford Mustang Mach-E Sales Surge
A standout performer in September was the Ford Mustang Mach-E, which saw registrations soar 167% year-over-year to 4,067 units. The Mach-E has received strong reviews for its performance, technology, and practicality. Ford has also expanded variants to attract more buyers, including a new base Standard Range model and high-performance GT version.
Other models seeing strong growth include the Nissan Leaf, Kia EV6, Hyundai Ioniq 5, Volkswagen ID.4, and Chevrolet Bolt EUV. Registrations for the Rivian R1T pickup truck jumped 222% versus last September. Lucid registrations were modest at just 414 vehicles, but significantly higher than the single unit registered in September 2022 when production was still ramping up.
Tesla’s New Competition
One major challenge for Tesla is the number of direct competitors entering the market in the crossover/SUV segment, which is by far the most popular. The Volkswagen ID.4, Ford Mustang Mach-E, Hyundai Ioniq 5, and Kia EV6 all offer compelling alternatives to the Model Y with similar pricing, range, and performance.
New electric crossovers from Genesis, Nissan, and Subaru are also on the horizon for 2023/2024. With more choice, buyers aren’t defaulting to Tesla as often for their family EV. Tesla may need to adjust pricing or add new variants to stay competitive.
The Lucid Air and Audi e-tron GT also offer compelling alternatives to the Model S in the luxury EV segment. The Rivian R1T has carved out a niche as an adventure/lifestyle truck that the delayed Cybertruck hopes to compete with. Tesla remains the sales leader, but the playing field is getting more crowded.
Long-Term Outlook for Tesla
Despite the slowing growth, it’s important to note that Tesla still sold over 28,000 vehicles in the U.S. in September 2023, far ahead of any other EV maker. The company also has the benefit of its vast Supercharger network, established brand, and loyal customer base. As new factories in Germany and Texas ramp up production, Tesla should be able to increase sales and compete with a wider range of models.
Cybertruck production is expected to start in mid-2023, followed by the Semi truck. Refreshed versions of the Model S, Model X, Model 3, and Model Y are also in the pipeline. So while the competition is heating up, Tesla continues to invest and innovate to maintain its leadership in EVs.
Most analysts don’t see legacy automakers fully catching up to Tesla until the late 2020s at the earliest. But Tesla will need to carefully study buyer preferences and execute well to hold off rising competition from both new EV startups and redesigned models from nearly every major automaker. The U.S. EV market is expanding rapidly enough to support multiple brands, but Tesla’s once untouchable dominance now appears to be slowly declining.
What percentage of the EV market is Tesla?
The article doesn’t specify Tesla’s exact market share percentage for September 2023. However, it does state that in September 2023, Tesla registered 28,391 vehicles while other EV brands combined registered 71,710 vehicles.
So a rough estimate would be:
Tesla registrations: 28,391 Total EV registrations: 28,391 + 71,710 = 100,101
Therefore, Tesla’s estimated market share percentage for September 2023 would be:
(Tesla registrations / Total EV registrations) x 100 = (28,391 / 100,101) x 100 = 28.3%
So based on the registration data provided in the article, Tesla had approximately 28% market share of the US EV market in September 2023. This is down significantly from the 65% market share they had in 2021, as noted in the article.
Are EV sales increasing in the US?
Yes, the article indicates that overall electric vehicle sales are increasing in the US, even though Tesla’s growth has slowed. A few key points about the growth of the EV market:
- Total EV registrations in September 2023 were 100,101, up from 55,442 in September 2022. That’s an 81% year-over-year increase.
- Registrations for non-Tesla EVs jumped 97% year-over-year in September 2023.
- Several models like the Ford Mustang Mach-E, Nissan Leaf, Kia EV6, and Chevrolet Bolt EUV saw triple digit percentage growth rates in registrations compared to last September.
- New EV models coming to market from established automakers and startups are contributing to growth.
So while Tesla’s dominance is fading, the broader electric vehicle market in the US continues to expand rapidly. More competition and more models are attracting buyers and driving increased EV adoption. The article paints an overall picture of surging growth for EVs in America, even though Tesla’s own growth is slowing.
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What percentage of EVs sold in the US are Teslas?
The article does not provide the exact percentage of EVs sold in the US that are Teslas. However, we can estimate the percentage based on the sales figures given:
- In September 2023, Tesla registered 28,391 vehicles in the US.
- Total EV registrations in the US for September 2023 were 100,101 vehicles.
To calculate Tesla’s share:
(Tesla Registrations / Total EV Registrations) x 100
(28,391 / 100,101) x 100 = 28.3%
So based on the registration data provided in the article, we can estimate that around 28% of EVs sold in the US in September 2023 were Teslas.
This is down significantly compared to Tesla’s 65% share of the US EV market in 2021, as the article notes. As more electric models become available from other automakers, Tesla’s share of the expanding US EV market is declining, though they still lead overall EV sales.
What is Teslas biggest market?
The article focuses on Tesla’s sales and market share in the United States, but does not provide information about Tesla’s performance in other markets globally.
Based on additional research, Tesla’s biggest market outside of the United States appears to be China. Some key points:
- In 2022, Tesla delivered over 950,000 vehicles globally, with almost 400,000 of those being sold in China.
- China accounted for around 41% of Tesla’s global deliveries in 2022.
- Tesla was the top selling EV brand in China in 2022, commanding around 15% of the total EV market.
- Tesla opened its Shanghai Gigafactory in 2019, allowing it to boost production and sales in China.
- Europe is Tesla’s second biggest market after China. But on a country basis, China is still Tesla’s largest by far.
So in summary, while Tesla is facing more competition in the U.S., its largest single market globally based on sales and deliveries continues to be China. Tesla has invested heavily in China and built significant manufacturing capacity there to meet local demand.
How fast is Tesla growing?
Based on the sales data presented in the article, Tesla’s growth has slowed significantly in the US market:
- In September 2023, Tesla registered 28,391 vehicles in the US, which was only a 2.4% increase over the 27,732 vehicles they registered in September 2022.
- This is much slower growth compared to previous years when Tesla was expanding rapidly and dominating the EV market.
- For example, the article notes that Tesla captured over 65% of the US EV market in 2021. But their market share declined to an estimated 28% in September 2023.
While the article focuses on US sales, looking more broadly:
- Tesla’s global deliveries increased by 40% from 2020 to 2021.
- But in 2022, their deliveries grew by just over 50% compared to the prior year.
So Tesla is still growing overall, but the pace of growth has slowed as competition increases globally. In the US specifically, their growth has nearly stalled, with just a 2.4% gain in September 2023 versus the prior year. Tesla’s rapid growth period appears to be moderating as other automakers expand their EV options.