Tesla's global market share fell to its lowest level in over 2 years as electric car competition heats up
- Tesla's market share of the global electric-car market fell to 11% in April.
- The electric-car company's lead in the US is also narrowing, as
Fordand GM build their own EVs.
- Tesla's stock fell to its lowest level in three weeks following the
Tesla's grip on the electric-car market is slipping.
In April, the carmaker's global market share fell to its lowest level since January 2019, according to Credit Suisse analyst Dan Levy.
Former Ford CEO Mark Fields told CNBC that Tesla CEO
"One of the many things [Musk] did is he pushed the industry toward taking EV seriously," Fields said. "He has real competition now, and that's why you're seeing some of their share in some of the major markets under a lot of pressure."
Tesla's market share decreased across the board from China to Europe, as well as the US, according to Levy.
While Tesla remains the leading electric car company in the US, its market share has continued to slip. In April, Tesla's market share dropped to 55% from 72% the previous month.
Levy attributes the drop to recent price hikes for Tesla products, as well as emerging competition from automakers like Ford and
Tesla's market share has been receding for several months. In February, the
Meanwhile, Tesla has faced scrutiny over the safety of some of its vehicles. On Thursday, the car company announced its third recall this month. Its autopilot system has also come under fire this year amid several car crashes.
Tesla stock surged in 2020, but has already dropped over 14% in 2021. Tesla's stock dropped as much as 4% to its lowest level in three weeks after the market-share data was released on Wednesday. The company was trading just below $600 per share at the time of publication.
Tesla's loss has been Ford's gain. Ford shares have rallied almost 69% this year.
- From marketing and tech to leadership - learn new skills and explore new possibilities with these Udemy courses
- Facebook and Microsoft aren’t the only ones creating a metaverse — here are five popular coins looking to create digital worlds
- Facebook, Microsoft and others look towards the $1 trillion dollar ‘metaverse’ opportunity — but that contradicts the base philosophy behind Web 3.0
- Cryptocurrency mining is causing power shutdowns in Kazakhstan, and China may be to blame
- Chip shortages to blame for Black Friday online sales dip
- Global COVID-19 caseload crosses 261 million and 5 million deaths so far
- How Cashify will focus on its marketing and offline stores to ring in its next phase of growth
- Realme 9 series to launch in India in February 2022, to feature four models