It is worth noting that Tesla (TSLA) is the market for electric vehicles in the United States, as new registration data show that more than two-thirds of new electric cars come from Tesla.
How will it change with new incentives?
For years, Tesla has dominated the electric car market in its home country.
Tesla’s market position is expected to erode as more electric vehicle options grow and help grow the U.S. market, but for now, the U.S. electric vehicle market remains extremely dependent on Tesla.
Throughout 2020, Tesla vehicles accounted for 79% of new electric vehicles registered in the US.
As reported last month based on new Experian record data, Tesla’s market share fell slightly during the first half of 2021 as the electric vehicle market grew 117% in the country.
Tesla still had 66% of the market.
Now, Experian has released July record data and shows that Tesla maintains its market share in the growing U.S. electric vehicle market.
Model Y and Model 3 are the best-selling electric vehicles number one and number two in the United States.
The Chevy Bolt EV comes in third, but lags far behind.
Here are the 10 best-selling electric vehicles from 2021 in the US to July:
- Tesla Model Y: 93,708 units
- Tesla Model 3: 68,448 units
- Chevy Bolt EV: 21,898 units
- Ford Mustang Mach-E: 13,950 units
- Nissan Leaf: 9,445 units
- VW ID.4: 8,404 units
- Porsche Taycan: 6,071 units
- Hyundai Kona EV: 6,069 units
- Audi e-tron: 5,473 units
- Kia Niro EV: 4,091 units
Take from Electrek
This is wild. The Model 3 and Model Y are right now in the U.S. electric vehicle market. There is no argument about it.
In addition, sales of the Model S and Model X are basically non-existent this year due to the resumption of approximate production after the upgrade.
If both vehicles were in full production, I think Tesla would have four of the top five, which would be ridiculous.
Another important thing to note is that Tesla has achieved these results in the US at a disadvantage of $ 7,500, as its buyers no longer have access to the EV tax credit.
Interestingly, the only other EV affected is the Chevy Bolt EV, which came in third.
It will show you that having an attractive electric vehicle is far more important than anything, including subsidies.
The upcoming reform of the federal EV incentive program is likely to shake the EV market a lot.
As previously reported, the additional $ 4,500 incentive for union-manufactured vehicles is likely to adversely affect Tesla, but overall will be a net positive for the automaker.
Since Tesla has a $ 7,500 disadvantage right now for other carmakers except GM, and if the new incentive occurs, it will have a $ 4,500 disadvantage.
Tesla buyers will continue to have access to a $ 8,000 bonus, which will make it a no-brainer against fossil fuel-powered vehicles.
Tesla’s real challenge will be a significant increase in the number of compelling electric vehicles coming to market.
I think Tesla’s market share in the U.S. electric vehicle market will fall below 50% next year, but I also expect the electric vehicle market to grow more than 150% next year in the United States.
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