San Francisco. Elon Musk-run Tesla remains the electric vehicle (EV) market leader in the US with more than 50 per cent share, selling more cars than 17 other automotive groups combined. According to Counterpoint Research, EV sales are expected to account for 7 percent of all US passenger vehicle sales in 2022, growing 54.5 percent (year-over-year).
According to research analyst Abhik Mukherjee, “Tesla dominates the US EV market, while other automotive giants such as Ford, General Motors, Stellantis, Volkswagen and Hyundai are struggling to provide strong competition.”
New players such as Lucid Motors, Karma, Fisker and Vinfast are entering the US EV space seeing the potential of the market.
“Additionally, with the recent price cut by Tesla and all versions of Tesla’s Model Y becoming eligible for EV tax credit subsidies, it is expected that Tesla will take a higher market share,” Mukherjee said.
Battery EV (BEV) sales are set to grow nearly 70 percent year-over-year, accounting for more than 80 percent of all EV sales in 2022.
All four Tesla models were present in the top-10 bestseller list. Hyundai’s IONIQ5 and Kia’s EV6 made a significant impact, entering the list within a year of their US launches.
Research director Jeff Fieldhack said, “In 2023, EV sales are expected to reach more than 1.9 million units, but only if economic headwinds don’t severely impact the market as early as 2022.”
He added that with automotive OEMs and battery manufacturers joining hands to set up battery manufacturing plants across the US, the battery supply chain is expected to be smooth and parts costs moderate, leading to a potential US EV market of more than 10 million per year by 2030. There will be more.(IANS)
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Web Title-Tesla remains the EV market leader in the US with over 50 percent share
