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Tesla Is Losing Its Market Dominance

But why?

Will Lockett
Published in
4 min readJun 18, 2024

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Tesla has been at the top of the EV world for over a decade. Indeed, they still control by far the largest portion of the EV market of any manufacturer. But their slice is shrinking, and the competition is catching up rapidly! Tesla sold 61.7% of all EVs in the US in Q1 2023, but that figure dropped to 51.3% for Q1 2024. Meanwhile, nine EV manufacturers experienced a 50% growth in EV sales in Q1 2024 compared to Q1 2023, namely BMW, Cadillac, Ford, Hyundai, Kia, Lexus, Mercedes, Rivian and Vinfast. If this trend continues, it will only be a few years before Tesla no longer dominates the EV world. But why is this happening?

It only takes a cautionary glance at Tesla’s main rivals to see why they are losing ground to them. Take the IONIQ 6 Long Range 2WD (also known as the SE Long Range in the US). This brilliant EV costs only $43,600, almost exactly the same amount as the $42,740 Tesla Model 3 Long-Range Dual Motor.

The IONIQ 6 has 225 hp and a 0–60 mph time of 7.4 seconds. Its 77.4 kWh 800V battery gives it a WLTP range of 382 miles and an insane 10% to 80% charge time of just 16 minutes! This is thanks to the pack’s 233 kW peak charge rate and 200 kW average rate, allowing the pack to add 800 miles of range per hour of charging! It also has a towing capacity of 1500 kg (3,300 lbs) and V2L capability, allowing you…

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Will Lockett
Predict

Independent journalist covering global politics, climate change and technology. Get articles early at www.planetearthandbeyond.co