Tesla Inc. continues to dominate in the burgeoning electric vehicle market, but its share of the segment has slipped, as has its grip on the sales charts.
Through May last year, Tesla made four of the top five new EVs registered with state governments, according to data gathered by Experian. This year, it has two of the top 10.
On top of production slowdowns that have snarled Tesla’s output of the Model S sedan and Model X crossover, the brand faces increased competition from rivals’ offerings, such as the Ford Mustang Mach-E and the Porsche Taycan. While Tesla’s new-vehicle registrations through May rose 81 percent, the EV total jumped 116 percent.
“As this vehicle type becomes more mainstream and there’s just more choices out there for consumers, I think that’s why we do expect to see Tesla’s share — not their volume, because that’s going to grow as they add more products — but their share of the segment is going to fall,” said Jeff Schuster, president of global forecasting at LMC Automotive.