Tesla's US market share shrinks 33% in 2 years as competition intensifies

Core Insights - The term 'EV winter' has gained traction in 2024, highlighting a slowdown in the electric vehicle industry, exemplified by Tesla selling only one car in South Korea in January 2024 [1] - Despite reduced demand, competition in the EV sector is intensifying, with Tesla's market share declining significantly [1][5] Market Share Dynamics - Tesla has been losing approximately 2.79% of its market share per quarter in the US since early 2022, with a notable loss of 9.3% between Q2 and Q3 2023 [2] - General Motors has increased its market share from 0.3% at the start of 2022 to 6.6% by mid-2024, while Hyundai, including Kia, holds 11.2% of the market [2] - Other major players like Ford, BMW, and Hyundai have also seen declines from their peak market shares since early 2022 [3] Performance of Other EV Manufacturers - Other electric vehicle manufacturers, such as Lucid Group and Rivian, have not made it to the top 5 EV makers by market share since Q1 2022, with Lucid at approximately 0.6% and Rivian at 4.2% by Q2 2024 [4] Global EV Demand Trends - Despite the challenges faced by Tesla and the EV industry, global demand for electric vehicles is on the rise, with a projected increase in EV-driven electricity demand by 630% by 2030 [5] - Tesla's global market share was reported at 13% at the end of 2023, down from a peak of 16% in 2019 [5] Chinese EV Market Growth - Chinese electric vehicle manufacturers, particularly BYD, have gained significant market share, with BYD surpassing Tesla in 2022, holding 21% of the market by the end of that year [6] - Chinese EV firms collectively hold 32% of the market, slightly ahead of other major carmakers at 30% [7]