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.
- Big Tech should obey the law of the land says India, after Twitter goes to court
- Tata Motors, Tata Steel, Marico among stocks to watch out for on July 6
- Best sandwich makers in India
- Orange alerts issued to 3 states by the weather department – what does it mean?
- Best moisturizer for face in India for daily use