Tesla is losing market share among US electric vehicle buyers, and the Ford Mustang Mach-E appears to be the beneficiary.
Analysis by investment banking firm Morgan Stanley shows that Tesla’s share of the US electric vehicle market fell to 69 percent in February, down from 81 percent a year ago.
Tesla sales in the US are still on the rise, according to this analysis, due to the increased appetite of US car buyers for electric cars.
Morgan Stanley estimates that industry-wide US electric vehicle sales rose 34 percent in February, compared to the previous year, even as sales of traditional internal combustion engine vehicles fell 5.4 percent.
Tesla only releases global quarterly sales reports, not monthly or US sales as many other automakers do.
Tesla will likely enjoy a 5.4 percent gain in US sales in February, according to Morgan Stanley’s analysis.
New electric offerings from traditional automakers have more than doubled sales of combined electric vehicles in the United States, to 9,527 units.
Ford’s Mustang Mach-E, which won the Best SUV of the Year award this year and began deliveries in late January, achieved sales of 3,739 units in February, according to Ford figures.
A fifth of the Mustang Mach-E cars sold in February were in California, a major market for the industry, Ford said.Acquired The state in 2019 accounts for nearly half of Tesla’s Model 3 sales.
Morgan Stanley’s report showed that a Ford car could challenge Tesla due to the fact that Ford has more history and brand recognition.
The Tesla CEO seemed to praise Ford’s role in the electric car market, andHe saidTesla and Ford are the only US automakers out of 1,000 auto startups that have not gone bankrupt.
Tesla faces competition from automakers such as Porsche, BMW, Audi and Jaguar in the Model S and Model X cars, as well as from Chevrolet, Hyundai, Kia, Volkswagen, Nissan and Ford in the Model 3 and Model Y cars.
Volkswagen surpassed Tesla in sales of electric cars in several European markets, including Norway, where electric cars now make up the majority of new car sales.
Tesla is also facing new competition from General Motors, which has recently launched the Chevrolet Bolt electric SUV.