The electric car industry was definitely jumpstarted by Tesla and it can still claim to be the biggest car manufacturer of electric cars currently in the world. However, it can be said without any question that the grip that this company had over the electric car business has certainly loosened while the demand for the vehicles is growing. In 2020, Tesla had represented almost 80% of all the registrations of EV but the figure has dropped in the US to close to 65% as per the statistics. Among the biggest reason behind this drop has been the focus it has placed on the luxury vehicles and it is now facing a major competition from the affordable vehicles which have been appealing to the masses. As of now, there are as many as 68 electric vehicle models available in the United States but it is expected that there are 62 more which are going to be in the market sooner rather than later.
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There are estimates which say that come 2025, just 20% the market will only be available to Tesla. In the month of May, Ford had started shipping the F-150 Lightning which is the electric version of the best selling pickup truck of the country. GM has also been on its way to ramp the electric hummer.
The electric vehicle scenario has been changing ever since the pandemic and there are many global leaders which have begun to jump on the bandwagon and the traditional automakers are now jumping ship to the electric vehicle which they think is going to lead the market in the coming years. Governments have also been pitching to grow the markets and target the consumers who can afford the electric vehicles at a larger scale. The growth is going to create a scenario where Tesla will end up losing its market share.