In the United States, and in the rest of the world, the car market was hit hard by the coronavirus pandemic and economic shutdowns. And while most automakers struggled to sell cars in the record-low first half of 2020, Tesla did just fine. In the first half of 2020, 8 out of 10 EV cars sold in the United States were Teslas, sending a clear message of who is dominating the EV market. Tesla's success made its shares skyrocket, overtaking Japan's Toyota as the most valuable automaker in the world.
All 4 Tesla Models In The Top 5
According to Buy Shares, Tesla accounted for 81.66% of all-electric vehicles sold in the U.S. in the first half of 2020, with 71,375 vehicles out of a total of 87,398 electric vehicles sold. In the top 5 best selling electric cars, 4 were Teslas. The Model 3 was the highest-selling EV with 38,314 vehicles sold, followed by the Model Y (8,861), Model X (9,500), Chevy Bolt (8,370), and lastly, the Model S with 4,700 vehicles sold. The slowest-selling vehicle was the BMW i3 with BMW only managing to sell 251 units.
Lack Of Competitors
At least for now, the only mainstream competitors for the Model 3 and Model Y are the Chevy Bolt and the Nissan Leaf, and both vehicles lack the performance, range-price ratio, and general appeal of Teslas. But some automakers have been working on cars that could give the Palo Alto company some real competition. Such as Ford, with the new Mustang Mach-E and Porsche with the Taycan.
Growing EV Market
Ford is already taking reservations for the Mustang Mach-E and plans to start shipping the electric crossover later this year, which means that the second half of 2020 could look very different in terms of sales. Besides Ford, other traditional companies that are trying to keep up with Tesla are Volkswagen with the upcoming ID4, Cadillac with the Lyriq, Volvo's Polestar with the 2, as well as Nissan with the stylish Ariya SUV. Rivian, Fisker, and Lucid Air are also in the process of building electric vehicles, but none of them have actually mass-produced cars as of yet.
Source: Buyshares