Tesla Inc TSLA 4.84% is losing market share to Ford Motor Company’s F 3.42% Mustang Mach-E in the United States, according to Morgan Stanley, Electrek reported Wednesday.
What Happened:The global financial services firm said in its February auto sales report that the Elon Musk-led company’s share of the battery electric vehicle market fell to 69% compared with 81% in the same period a year earlier, according to Electrek.
The Ford Mustang Mach-E reportedly made up for nearly 100% of the share loss.
The report said that EV sales in the U.S. were up by almost 40%. The report assumed 21,550 Tesla sales in the U.S. and 9,527 BEV sales made up of a pack of manufacturers made up of names such as Ford,Volkswagen AGVWAGY 5.31%,Bayerische Motoren Werke AGBMWYY 4.13%, andGeneral Motors CompanyGM 2.4%.
Why It Matters:Electrek noted that Tesla does not break down sales unlike many other automakers and registration data are not available per state.
Model S and Model X production was also briefly halted in late February and Model 3 production was hit due to aparts shortage issue.
Tesla’s market share in the United States is likely to dip below 60% this year and below 50% in 2022, as per Electrek.
On Tuesday, former Tesla board member Steve Westly said the Palo Alto, California-based automaker will not remain “King of the Hill in electric forever.”
Westly pointed to heightened competition from traditional automakers and Chinese rivals.
Price Action:Tesla shares closed nearly 4.8% lower at $653.20 on Wednesday and gained 0.11% in the after-hours trading.
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