Bank of America has released its annual Car Wars Report, which evaluates automakers’ success based on the introduction of new and updated vehicles. The study predicts that Tesla’s EV market share will fall from 70% to 11% in North America. By 2025, General Motors and Ford are expected to gain 15% market share and outpace Tesla’s production and sales. This is likely because Ford and GM are more affordable and appeal to different demographics than Tesla.
“That dominance that Tesla’s had in the EV market, particularly in the U.S., is done,” said John Murphy, BofA’s lead automotive analyst, during an Automotive Press Association meeting.
Despite all the publicity around electric cars, Tesla currently dominates a very small market. Murphy predicts that by 2025, EV sales will make up roughly 10% of the market in the United States.
Elon Musk, the CEO of Tesla, might have “shut the door” on the conventional auto industry in terms of EVs, according to Murphy, had he moved more quickly to grow manufacturing and the company’s fleet size.
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