US electric-vehicle sales hit record high, Tesla loses market share - report
(Reuters) - Electric vehicle (EV) sales in the United States jumped to more than 300,000 for the first time in the third quarter, but industry leader Tesla's market share slipped to the lowest on record, a report by Cox Automotive showed on Thursday.
Tesla now dominates just half of the market, down from the 62% it held in the first quarter, despite a price war started by the Elon Musk-led company to solidify its foothold in the competitive EV arena.
However, the company could reverse the downward trend with the launch of its Cybertruck electric pickup truck, which is set to be delivered to customers in the current quarter, the market research firm said.
Playing catch-up, other automakers have been aggressively cutting prices to counter a tough demand environment triggered by high inflation and rising borrowing costs.
"Higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the U.S. market," Cox said.
