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By AJ Irving, July 2024
The market share of electric vehicle (EV) manufacturer Tesla (TSLA) in the United States has significantly dropped from an impressive 74.8% at the start of 2022 to a still dominant 49.7% by the second quarter of 2024, all while the overall EV fever in the country has slowed down.
Meanwhile, other EV specific companies haven't grabbed much of the market. While Lucid (LCID) is at 0.6%, Rivian (RIVN) holds 4.2%, according to a study by Finbold.
However, traditional automakers are making a big splash in the EV world. Hyundai and its subsidiary Kia are battling Ford (F) for the second spot among EV makers in the US, with Hyundai at 11.2% and Ford at 7.2%.
As for General Motors (GM), it has boosted its share from a tiny 0.3% in 2022 to 6.6% in 2024, the study said, mentioning that Tesla's market share is also shrinking globally with the Chinese company BYD overtaking them at the end of 2023.
