As sales of Teslas drop and demand for electric vehicles cools — even as more models enter the market — an increasing number of automakers are competing for a slice of a shrinking pie.
Nearly 269,000 electric vehicles were sold in the United States in the first three months of this year, according to Kelley Blue Book.
And amid the quarter-to-quarter slowdown in the industry, Tesla’s market share has fallen from 62 percent at the start of 2023 to 51 percent now.
Elon Musk told employees on Monday that Tesla would cut 10 percent of its work force.
Investors, in turn, have been spooked: Tesla’s stock price has dropped over 30 percent this year, erasing billions of dollars in market capitalization.
Persons:
Kelley, Elon Musk, Tesla
Locations:
United States