Dominating Over Half of US Electric Vehicle Sales for 6 Years
Gap Narrows Due to Competitors' Growth
Innovation Needed in Robotaxi, Humanoids, and More
Bloomberg reported on the 26th (local time) that Tesla's record of selling more electric vehicles in the U.S. over the past six years than all other competitors combined is at risk of being broken.
According to MarkLines, which provides monthly automotive industry sales data, Tesla sold approximately 618,000 electric vehicles in the U.S. over the 12 months from June last year to May this year. During the same period, the total electric vehicle sales of competing companies amounted to 597,000 units. Tesla has accounted for more than half of U.S. electric vehicle sales over the past six years, but the gap has rapidly narrowed. In June 2022 alone, Tesla's sales (470,000 units) were 2.7 times the combined sales of other manufacturers (172,000 units).
Bloomberg noted, "In 2015, Tesla's luxury sedan Model S surpassed Nissan's Leaf to become the best-selling electric vehicle in the U.S., and in 2018, with the launch of the Model 3, it accounted for more than half of the industry, but competitors have been steadily closing the gap." It pointed out that when the June statistics, including new models from Hyundai Kia and General Motors (GM), are released next week, there is a possibility that the sales figures will be reversed.
Tesla posted its worst performance in the first quarter of this year, with revenue down 9% compared to the same period last year. Electric vehicle sales also plunged 13% year-on-year, shocking the market, but six of the top ten major electric vehicle manufacturers showed double-digit growth in sales during the same period. In particular, Ford and Hyundai Kia stood out with sales surging 86% and 56%, respectively.
Stephanie Valdez-Streety, Director of Industry Insights at Cox Automotive, said, "With delays in Tesla's new product launch cycle, the company relies on two models for 95% of its sales," adding, "Elon Musk, Tesla's CEO, advanced the automotive industry through electrification, but now a new driving force is needed."
However, there is also optimism. Bloomberg emphasized, "Big tech companies that have surpassed a market capitalization of $2 trillion, such as Apple's iPhone, Google's search portal, and Nvidia's artificial intelligence (AI) chips, each had incomparable weapons," and added, "Tesla also has various ambitions such as robo-taxis and humanoids." Tesla is scheduled to unveil its robo-taxi design in August.
Meanwhile, CEO Musk, who announced a wave of layoffs at Tesla in April, is reported to have cut 14% of Tesla's workforce so far. On the same day, Tesla's stock closed at $196.37, up 4.8% from the previous session, on the New York Stock Exchange. However, it has fallen about 21% since the beginning of this year.
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