Americans buy Teslas instead of EVs. that’s why it’s about to change

Texas News Today

The logo shows the US automotive and energy company Tesla’s showroom and service center on October 23, 2019 in Amsterdam.

John Theiss | AFP | Getty Images

Americans aren’t buying electric cars, they’re buying Teslas.

That’s a relatively true statement for U.S. consumers in recent years, with Tesla selling the majority of EVs in 2020, including 79%, according to IHS Markit, but that’s starting to change as so-called traditional automakers and start-up investments has gone. Billions of dollars in multiple new electric vehicles to compete with Tesla.

The influx of EVs is expected to eat up Tesla’s market share in the coming years, from tens of today to an estimated hundreds of new models by 2025. The new EVs are planned for major automakers such as General Motors and Volkswagen. In the next decade exclusively the manufacture of electric vehicles.

“It’s not surprising that Tesla still dominates sales of electric vehicles, as Tesla is the only product that still has a product that’s viable in earnest,” said Michael Faye, associate director at IHS Markit. Mr. Suke said. “In a growing market, regardless of the industry, it is very difficult to maintain a majority market share …. Tesla loses its share as it begins to move to more and more manufacturers operating in this area. Needed “”

According to IHS Markit, Tesla’s market share for all-electric vehicles this year is expected to drop to 56% by 2021 due to the introduction of new vehicles such as the Ford Mustang Mach E and Volkswagen ID.4.

Researchers and forecasters expect Tesla’s all-electric vehicle to have a 20% US market share in 2025. This is also the time when LMC Automotive expects General Motors to outperform Tesla as the largest EV distributor in the country.

2021 vs 2030

Tesla’s current dominance extends beyond relatively unimportant markets. Despite the amount of attention and hype surrounding EVs, sales of all-electric and plug-in hybrid electric vehicles, including electric motors and internal combustion engines, remain low. Industry forecasters estimate that sales of electric vehicles, including plug-in hybrid vehicles, will account for less than 4% of US sales this year. According to LMC, all-electric models like Tesla account for 2.6% of the market, or about 394,000 units.

“As we move forward, it won’t be long before a significant amount of winnings and sharing of growth is made,” said America’s President Jeff Schuster. “For the automotive industry, this is a major pivot and development.”

LMC estimates that by 2030, electric vehicles will account for 34.2% of new vehicle sales in the United States, with 30.1% of all electric vehicles and 4.1% of plug-in hybrid vehicles. Some of the most pessimistic projections from AutoForecast Solutions predict that electric vehicles will account for about 23% of the market by 2030, with 18.6% of US sales being for all-electric vehicles and trucks. Growth. IHS Markit estimates that by 2030, the share of electric vehicles in the US industry will be around 40%.

Biden’s target “too optimistic”

Analysts and forecasters agree that the number of electric vehicles sold over the past decade will vary, but there will be rapid progress in adoption, but Joe says that half of the new cars sold domestically are electric cars. Will be It may not be possible to respond to President Biden’s response. Presidential orders.

“We are very optimistic of reaching 50% by then,” said Tony Salerno, managing director and consultant for JD Power, automotive analytics, which includes consumer education, charging infrastructure and support from the US power grid. issues mentioned. “I think we’ll get there eventually from a usability standpoint, but it’s still early, so there are a lot of puzzle pieces that we need to understand to get there.”

The automaker was not fully involved when Biden announced the order earlier this year featuring more as a “friendly target.” Many, including the Detroit carmaker, said they aim to “achieve 40-50% of US electric vehicle sales annually” by 2030.

“It won’t happen, mainly because it’s an underdeveloped market, and no one knows how much is in it,” said Sam Fiorani, vice president of global forecasting at Auto Forecast Solutions. “No one knows how deep the market is right now. If you remove Tesla from the photo, the EVs in the market will be less than 1%.

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