Tesla's Market Share Dips Even As US EV Sales Climb — Is The Cybertruck Its Saving Grace?

Though electric vehicle sales rose in the last quarter in the United States, EV giant Tesla Inc‘s TSLA market share is dropping, according to a new report from market research firm Cox Automotive.

What Happened: EV sales touched 313,086 units in the third quarter, marking a 49.8% increase from a year earlier, as per the report.

Tesla sales also jumped 19.5% year-over-year, thanks to price cuts, retaining the company’s position as the leader in EV sales.

However, Tesla’s share of the EV segment dropped to the lowest on record to 50%. In the January-March quarter earlier this year, Tesla’s share was 62%.

See Also: Why This Tesla Analyst Stays Bullish On EV Giant Despite Q3 Delivery Miss

Why It Matters: “The long-promised Cybertruck may reverse the downward trend, although competition from Ford, Rivian, and Chevrolet will likely impact Tesla's electric pickup volume potential,” the research firm said.

Sales within the U.S. increased year-on-year in the third quarter for most other EV makers, including Volvo, Nissan, Mercedes, Audi, BMW, and Mercedes.

The second-biggest EV seller, Ford Motor Co F, sold 20,962 vehicles in the third quarter, marking a 14.8% increase from a year ago.

The Tesla Model Y was the most sold electric vehicle in the quarter, followed by the Model 3.

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