Teslas Schwindender Vorsprung: Einblicke in den Umsatzrückgang und wachsenden Wettbewerb

Tesla's market position is slipping – here's why

The electric vehicle brand has seen a significant dip in sales across Europe and the United States

This year appears to be less favorable for Tesla. Following the record-breaking achievements in 2023, where the company not only emerged as the top pure electric vehicle producer globally but also boasted the highest-selling electric model with the Model Y, the brand's growth has slowed down compared to previous rates.

The latest figures for the first six months of the year indicate that Elon Musk's firm is experiencing a decline in market share in both the US and Europe, with sales dropping by 8% and 13% respectively.

Photo Gallery: Testing the Tesla Model 3 Highland

Despite the general public's current lukewarm attitude towards electric vehicles, there has been an uptick in overall demand across both territories. The introduction of fresh, more competitive models in Europe and North America is drawing in a larger crowd, even as questions linger concerning incentives and the future strategies of automotive producers.

Decreased Market Share

The initial and most apparent impact of Tesla's declining sales is the reduction in its market share. As the brand's sales volume fell from 185,200 vehicles in the first half of 2023 to 161,300 vehicles in the same period in 2024, the total registrations of all-electric vehicles in Europe actually saw an increase of 1.7 percent during that time.

This implies that Tesla's share of the European battery electric vehicle (BEV) market decreased from 19.8 percent in the first half of 2023 to 17.2 percent this year. During the first six months of the year, Tesla experienced the second-largest drop in BEV market share in Europe, just after the Volkswagen Group, which saw a decrease of 3.3 percentage points from 22 to 18.7 percent.

Tesla and Volkswagen saw a decline in their market position in comparison to the Geely Group, which gained from the robust performance of the Volvo EX30, and BMW maintained its success with the release of their latest vehicles. Additionally, Chinese brands experienced an increase, particularly due to BYD's contributions.

The circumstances in the United States show a comparable trend. Tesla's sales dropped from 324,900 vehicles in the first half of 2023 to 299,200 units in the current year. Even though the total sales of Battery Electric Vehicles (BEVs) increased by 7.6 percent during that period, Tesla's market share declined from 59.8 percent in 2023 to 51.2 percent in 2024.

In contrast to Europe, Tesla continues to lead the pack in its home market, outpacing all its rivals. Notably, Ford has made significant strides with a 48 percent increase, Hyundai has seen a 34 percent rise, Kia has impressively surged by 110 percent, and Rivian holds the fifth spot with a 77 percent increase.

The Factors

The primary factor contributing to Tesla's decline in market share is apparent: perpetual growth is unsustainable, particularly when the vehicles' driving range remains restricted and the lineup of models is aging (the Model 3, even after a facelift, is over 8 years old, and the Model Y has been available for 5 years).

Performance Variant of the Tesla Model

Tesla's latest vehicle

Additionally, there is increasing competition from German luxury car makers and Chinese companies in Europe, as well as Ford, Korean brands, and Rivian in the United States. Tesla's latest release, the Cybertruck, has yet to gain a strong foothold, having sold just 11,300 units in the US during the first six months of 2024, in contrast to the 196,700 units of the Model Y and the 70,300 units of the Model 3.

Additional market information:

And ultimately, the price reductions that were effective in 2023 are no longer as appealing. As the variety of brands and models expands, the market becomes more saturated and prices tend to drop further. Tesla requires more than substantial discounts and enticing upgrades for its vehicles. It requires newer offerings across a wider range of categories.

Felipe Munoz, who penned the article, serves as an automotive industry expert at JATODynamics.

Source: JATODynamics

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