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Legacy automakers aim to grab more EV market share from Tesla

Tesla is still number one in the electric vehicle segment, but legacy automakers like Ford and Hyundai are working hard to change that. With new models coming at a quick pace and production ramping up, Tesla’s position as the top EV manufacturer might be in jeopardy.

Tesla has four electric models currently on the market and still holds a commanding lead of the segment, with nearly two-thirds of new EV registrations in the first seven months of this year belonging to the company, according to Experian.

However, legacy companies and startups increased their share of new registrations through July by 56%. Twenty-two brands posted a combined 134,644 registrations, totaling 34% segment share. Ford came in second place with 27,817 new registrations, and Hyundai claimed the third spot with 15,322 registrations, followed by Kia with a similar number.

Ford produces the Mustang Mach-E, which increased 64% in registrations through July. The company also has the new F-150 Lightning, which had 2,679 registrations and will likely push sales higher in the back half of the year.

Meanwhile, Hyundai has plans to introduce four new EVs to the US by the end of 2022. The company’s Ioniq 5 crossover accounted for 3.9% of the US market share for EVs, while the Kia EV6 posted 13,862 new registrations for a 3.5% share.

According to analysts from EV subscription startup Autonomy, Tesla’s share of EVs sold in the US could fall below 40% by the end of next year. Chief Analyst Jesse Toprak said Tesla’s dominance would be “increasingly challenged” as the industry expands the number of competitively priced and equipped EVs. Tesla’s most popular offering, the Model Y, has a purchase price of $65,000. “This could cause some buyers to look at other automakers in the future,” Toprak said.

15 new EV models have been introduced to the US market since the start of 2021, with eight of them coming this year alone.

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