As the overall electric vehicle pie grows, Tesla's market share continues to shrink.
accounted for 7% of new vehicle registrations in the U.S. in January, up from 4.1% in January 2022 — another sign that the EV transition is gaining momentum.EVs aren't just for early adopters anymore.
At the end of 2022, there were 47 electric models available for sale in the U.S., up from 33 the prior year.the historic shift away from gasoline using vehicle registration data from S&P Global Mobility.That's up from 3.1% in 2021 and 1.8% in 2020, but still way behind China and Europe.The latest data shows that Tesla continues to dominate, but its market share is shrinking as competitors roll out new models.
Tesla's Model S sedan, in particular, has been struggling. Registrations for the S plummeted 75% in January 2023, while those of Mercedes-Benz's new EQS sedan quadrupled.Tesla's Model Y and Model 3 hold the largest market share and are still growing, but rival cars are quickly gaining ground. Volkswagen's ID.4 and Ford's Mustang Mach-E rounded out the top five EVs registered in January by market share.Less than 1% of the 279 million cars and light trucks on American roads are electric.
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