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Actually, wait, Tesla still sells more electric cars in the USA than every other automaker combined. The company accounted for 55% of US EV sales in the first quarter.
First, let’s look through some charts. Then, I’ll get to editorializing on this.
The first two charts show the share of the US EV market different auto groups and different auto brands had in the first quarter of 2024, and then the next two charts show their results in volume terms (EV sales).
As you can see there, Tesla’s 55.2% share of the market is not comparable to anything else. It’s hard to highlight any other companies considering how far behind Tesla they are. However, excluding Tesla from the equation, Ford is the standout leader, with 8% share of the US EV market last quarter. Then, combining Hyundai and Kia, we get to another 7.3% of the US EV market. Those companies (Ford, Kia, and Hyundai) account for one third of the non-Tesla EV market. Aside from those three, you’ve got GM, Rivian, and Volkswagen Group above 5% — at 6.5%, 5.3%, and 5.2% of the market, respectively.
On to model sales.
This chart makes it even harder to look beyond Tesla and be positive about what we’re seeing. Tesla just sells so many more units of the Model Y and Model 3 that it’s hard to believe the other automakers are trying.
But, if you want to pull out the leaders among the rest, you’ve got good performances from the Ford Mustang Mach-E (9,589) and the Ford F-150 Lightning (7,743). Good on Ford. The Rivian R1S also slips in there between those two models, with 8,017 sales.
Overall, we can see that EV sales continue to rise strongly in the US. Yes, there was just a slight increase in Q1 2024 compared to Q1 2023, but that was down to Tesla’s sales decreasing a bit (note that Tesla attributed this to pausing the Model 3 production line in order to launch the new “Highland” version of the Model 3). Compared to Q1 2022, EV sales are up enormously.
Yes, that’s 71% growth in the 1st quarter of this year compared to the 1st quarter of 2022 (and a 2% increase year over year).
The problem is how much the US EV market depends on Tesla sales. If Tesla’s sales are up, US EV sales will surely be up. If Tesla’s sales are drooping for any reason, then discussions can devolve quickly. The US market has been diversifying, and it just needs to keep doing so by selling more and more EV models and more and more units of those EVs. It’ll be a much healthier market when Tesla is below 50% of EV sales and not so much rests on the young company’s shoulders.
Note: This report was updated at 1:10 am ET, May 5, in order to correct a data error in Q1 2023.
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FAQs
Tesla currently dominates the EV market. Sales across its four models — Y, 3, X, and S— represent nearly three-fourths of total 2021 EV sales.
Does Tesla still dominate the US EV market? ›
Even as its market share diminishes and sales slow, Tesla remains the most dominant EV company in existence. So far in 2024, Tesla is still the top seller of EVs with 304,451 deliveries through June, according to Cox.
Has Tesla sold more cars than Toyota? ›
After almost two decades, the Toyota Corolla has been dethroned as the world's best-selling car. The Tesla Model Y has taken the top spot on the sales chart, outselling the Corolla in 2023 as the world's most popular passenger car – the first time in history for an electric car.
Does Tesla sell more cars than Ford? ›
Tesla Still Sells More EVs In USA Than Ford, Chevrolet, Hyundai, Kia, Audi, BMW, Chevrolet, & Toyota Combined. Actually, wait, Tesla still sells more electric cars in the USA than every other automaker combined. The company accounted for 55% of US EV sales in the first quarter. First, let's look through some charts.
Who is the king of electric cars? ›
Tesla Model S
Though still quite the compelling option, increased competition in the mid-size executive electric sedan segment is bringing the fight to Tesla. It's still the class king for now, but look for a refreshed Model S in the near future to pump these rookie numbers up.
What is the #1 electric car in America? ›
1. Tesla Model Y. With one of the best charging networks, high performance, and a minimal but luxurious interior, the Tesla Model Y is hugely popular. The Model Y became the top-selling car globally in 2023.
Who is Tesla's biggest competitor in the US? ›
Hyundai is now Tesla's biggest competitor in the US
In the intense competition to dominate the US electric vehicle (EV) market, South Korean automotive brands Hyundai and Kia have emerged as Tesla's most formidable competitors.
Which company will dominate the EV market? ›
Tesla Inc. (ticker: TSLA) is the clear EV market leader, but for years it operated mostly free of competition. EV startups and legacy automakers are now bringing new EV models to the market that will challenge Tesla's dominance.
What percentage of US EV sales are Tesla? ›
According to analyses by Cox Automotive, Tesla sales accounted for 55% of all EVs sold in the US in 2023, down from 62% in 2022. At the start of the year in Q1 2022, Tesla had a 75% EV market share in America. In Q2 2024, Tesla is down to 49.7% of EV market share in America.
Is Tesla beating Toyota? ›
Tesla's market value lead over Toyota peaked at $939 billion in early November 2021, just after a massive order from Hertz Global Holdings Inc. sent the EV manufacturer's valuation soaring past $1 trillion for the first time.
Consider Toyota and Tesla: the world's biggest automaker and the one most highly valued. Toyota makes twice as much money, but Tesla is valued more than 40 percent higher — almost $550 billion to Toyota's $380 billion. (For comparison: GM and Ford are each worth about $50 billion.)
Will Tesla outsell Toyota? ›
The Tesla Model Y is believed to have overtaken the Toyota Corolla and RAV4 to become the world's best-selling new car in 2023, according to preliminary figures.
Did Tesla lose EV majority? ›
Tesla no longer makes a majority of America's electric vehicles, The New York Times reports, citing data from research firm Cox Automotive. Its share of the market fell to 49.7% in the second quarter, compared with 59.3% in the same period a year earlier.
Why is Tesla losing its EV dominance? ›
Prices have fallen as the supply and variety of models have increased, making it possible for more people to afford one. Intense competition “is leading to continued price pressure, helping push E.V. adoption slowly higher,” Stephanie Valdez Streaty, director of industry insights at Cox, said in a statement.
Are Ford EVs selling well? ›
Ford EV sales increased by 61% in the second quarter compared to the second quarter of 2023. In the first half of 2024 overall, Ford EV sales were up 72%.
Who is leading the EV market? ›
1. Tesla. With a market cap of over $665 billion, Tesla is the largest EV manufacturer in the world. Various attributes differentiate Tesla from other automakers, but the most notable is its supply chain.
Who is the largest EV manufacturer in the US? ›
Together, the THOR family of companies represents the world's largest manufacturer of recreational vehicles. We offer a comprehensive range of RVs and travel tools to inspire and empower everyone to Go Everywhere. Stay Anywhere.
Who is the highest selling EV maker? ›
BYD was ranked as the best-selling electric vehicle manufacturer worldwide after selling over three million units in 2023 after overtaking Tesla as the best-selling electric vehicle manufacturer in the previous year. BYD's sales volume translates into a market share of around 22 percent.
Which is the highest EV seller in the world? ›
BEIJING, April 2 (Reuters) - BYD, China's biggest electric vehicle (EV) maker, reported first quarter 2024 sales fell 43% compared to the fourth quarter of 2023, handing back the title of world's biggest EV seller to Tesla after winning it last year.
