Tesla Market Share Slips as Electric Vehicle Competition Heats Up

Tesla's share of the U.S. electric vehicle market fell to 50% in Q3, down from 65% in 2022 as competition grows.

Tesla sales rose 19.5% in Q3 but it wasn't enough to maintain market share as new competitors enter.

A record 313,000 electric vehicles were sold in the U.S. in Q3, with 2022 sales likely to surpass 1 million.

New competitors like Rivian, Hyundai, BMW and Mercedes have gained market share from Tesla.

Overall electric vehicles accounted for 7.9% of U.S. auto sales in Q3, up from 6.1% a year earlier.