Bulletin
Investor Alert

Kelley Blue Book Archives | Email alerts

Oct. 25, 2021, 5:02 a.m. EDT

Tesla still dominates the EV market in the U.S., but these rivals are catching up

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Tesla Inc. (TSLA)
  • X
    Experian PLC ADR (EXPGY)
  • X
    Volkswagen AG 1/10th ADR (VWAGY)

or Cancel Already have a watchlist? Log In

Sean Tucker

A total of 63% of the electric vehicles (EVs) registered in the U.S. during the first eight months of 2021 have been Tesla /zigman2/quotes/203558040/composite TSLA -3.05% products. The company’s two most affordable vehicles dominate registrations. Yet rivals are catching up, and more EVs are coming to market, poised to steal attention from the California company.

The top two, then a big drop

According to data gathered by Experian /zigman2/quotes/208623784/composite EXPGY -0.65% , Tesla Model Y SUVs made up about 36% of EV registrations nationwide through August as 105,445 Model Ys were registered. Tesla Model 3 sedans made up another 27%, with just over 80,681 newly registered.

See : What it’s like to drive a Tesla Model Y

Tesla does not report U.S. sales. It gives a global number but does not break out specific countries. So, registrations may be the most accurate measure of how well the company is doing in its home market.

There was a significant drop-off to get to third place. The Chevy Bolt EV took bronze, with 22,799.

Check out: The 2022 Chevy Bolt EUV review: A smooth, quiet, comfy ride

Competition gaining ground

Non-Tesla products round out the list, with the  Ford Mustang Mach E  taking fourth place and the  Volkswagen ID.4 /zigman2/quotes/204431732/composite VWAGY -3.63% is fifth.

That four manufacturers build the top five bestselling EVs may signal a meaningful change. As impressive as Tesla’s dominance is, it’s slipping. In 2020, Teslas made up 79% of all EVs registered in the U.S. The company held four of the top five spots — a remarkable feat, given that Tesla only sells four products.

But the EV competition is just beginning. Automakers have brought out several dozen new electric vehicles this year. They include mass-market choices like the Hyundai /zigman2/quotes/204364212/composite HYMTF -3.76% Ioniq 5 compact SUV, ultraluxury cars like the Mercedes-Benz EQS , and even electric pickup trucks like the Rivian R1T and the upcoming Ford /zigman2/quotes/208911460/composite F -2.47% F-150 Lightning.

Tesla has a commanding lead. But it gains new competitors every day.

Read next : How does Ford’s 2021 Mustang Mach-E compare with the Tesla Model Y?

Those competitors are fighting over a growing pie. Electric vehicles remain less than 3% of the cars on American roads. But, Experian says, Americans registered more than twice as many EVs through the first eight months of 2021 than in the equivalent period one year earlier.

This story originally ran on 

/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 1,081.92
-34.08 -3.05%
Volume: 11.68M
Nov. 26, 2021 1:00p
P/E Ratio
350.32
Dividend Yield
N/A
Market Cap
$1086.53 billion
Rev. per Employee
$445,694
loading...
/zigman2/quotes/208623784/composite
US : U.S.: OTC
$ 44.38
-0.29 -0.65%
Volume: 47,970
Nov. 26, 2021 12:57p
P/E Ratio
41.96
Dividend Yield
0.98%
Market Cap
$40.44 billion
Rev. per Employee
$301,798
loading...
/zigman2/quotes/204431732/composite
US : U.S.: OTC
$ 29.22
-1.10 -3.63%
Volume: 499,973
Nov. 26, 2021 12:59p
P/E Ratio
6.87
Dividend Yield
2.50%
Market Cap
$124.60 billion
Rev. per Employee
$383,477
loading...
/zigman2/quotes/204364212/composite
US : U.S.: OTC
$ 40.20
-1.57 -3.76%
Volume: 3,848
Nov. 26, 2021 12:34p
P/E Ratio
4.31
Dividend Yield
N/A
Market Cap
$39.40 billion
Rev. per Employee
$1.23M
loading...
/zigman2/quotes/208911460/composite
US : U.S.: NYSE
$ 19.75
-0.50 -2.47%
Volume: 49.43M
Nov. 26, 2021 1:10p
P/E Ratio
27.25
Dividend Yield
2.03%
Market Cap
$78.93 billion
Rev. per Employee
$683,570
loading...

This Story has 0 Comments
Be the first to comment
More News In
Personal Finance

Story Conversation

Commenting FAQs »

Rates »

Partner Center

Link to MarketWatch's Slice.