Explore Tesla’s Q2 2024 earnings expectations, including EPS and revenue forecasts, market share changes, and analyst insights. Understand the factors driving Tesla’s performance and future growth strategies.
Tesla’s leading position in the U.S. electric vehicle (EV) market declined in the second quarter of 2022, according to new estimates by Cox Automotive. Tesla’s share of EV sales dropped to 49.7% from April to June, down from 59.3% in the same period last year. This is the first time Tesla’s quarterly market share has fallen below 50%.
Despite overall EV sales reaching a record high in the second quarter, Tesla lost market share to competitors like General Motors, Ford, Hyundai, and Kia in its domestic market. The declining market share indicates that Tesla is losing some of its dominance in the EV market it helped establish with the launch of the Model S sedan in 2012. Major automakers are intensifying their EV efforts, increasing competition in a market Tesla once comfortably led.
The trend is similar in other countries, particularly in China, where price cuts from the world’s largest EV company, BYD, continue to challenge Tesla.
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