Old electric car market share doubles that of Tesla

Even though stocks of BEVs have dwindled due to supply chain constraints and legacy automakers are still catching up in BEV production, demand for electric vehicles continues to rise…and Tesla isn’t the only pony in the race anymore. However, Tesla remains “napping” in electric vehicle sales, but the rest of the market is starting to catch up.

Morgan Stanley The July auto sales report in the US was released today, highlighting sales data as evidence that inflation continues to weigh on consumer demand, especially in lower-income households.

The lack of available BEVs has also driven up prices for automakers selling BEVs directly to consumers, as well as sales models that force extravagant brands to cash in on these demands, dismissing threats from their superior OEMs.

Despite pricing and demand issues, electric vehicle sales are up 59.8% year over year in the overall auto market, which is down 8.2% year-over-year. According to the report, BEVs now represent 6.1% of the total market, which is another massive jump year-over-year from their 3.5% market share in July of 2021.

Part of the reason for this market’s growth is the increasing number of EV models being sold, especially from older, non-Tesla-branded automakers. 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 coat tails of these three electric vehicles alone, Ford is leading all OEMs in deliveries this month.

Ford F-150 Lightning in Texas

The basic math tells us that as one group’s pictorial piece of the electric-car market pie grows, another must shrink, the latest case for Tesla. However, the EV Commander still had plenty of candy on his plate.

Tesla accounted for 60.9% of the electric vehicle market in the US, down 7.5% from last year (68.4%). Although its saturation has reduced a bit, its July sales provide more evidence that Tesla is still the beloved electric vehicle in the United States. Its estimated sales are 42,813 about 1.6 times greater than the rest of the electric car industry combined (27,543 sales in the US).

Tesla is still the clear leader, at least for now. One last little piece of data that’s important to write down Morgan Stanley July report is sales growth. While nominal Tesla sales are estimated to have grown nearly 37% year over year, non-Tesla BEV sales have nearly doubled, up 90.6% year-over-year.

Obviously, this is one brand that is bumping into a host of other US automakers, but if anything, these particular numbers show that Tesla isn’t the only viable EV option on the market anymore. This should be celebrated given the increase in electric vehicle adoption, and the number of great electric vehicles that will soon be available to consumers in the United States.

Take Electrek:

Right now with demand for not just Tesla but all-electric vehicles far outstripping supply, sales really revolve around the number of cans and the vehicle manufacturer that makes and customizes it for the United States. Tesla with its giga factories and its vertical integration is able to roughly match the rest of the well-established auto industry which is very impressive.

However, we expect Tesla’s declining percentage of the overall electric vehicle market to continue as large companies such as VW, Toyota and GM continue to increase their battery purchases and electric vehicle production. At the current rate, Tesla should drop below 50% sometime next year.


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