Tesla dominates

Elon Musk responded to the newest staggering EV sales numbers with a sarcastic yet realistic post: “The competition is coming.” The Tesla CEO has heard that for years, but the latest numbers from Reuters show that no manufacturer is even close in the EV race; in fact, all of the others could combine, and they still can’t match Tesla’s dominance.

Between January and June 2023, Tesla sold a whopping 325,291 electric cars in the U.S. That’s way more than any other company. General Motors’ Chevrolet sold the second most, but only 34,943 vehicles. Ford, Hyundai, and Rivian sold even fewer. Tesla’s Model Y and Model 3 cars are the most popular, selling 200,000 and 160,000 each.

Other Companies Are Having a Hard Time

While Tesla sells many cars, other companies like Ford are struggling. Ford had to stop building a big $3.5 billion battery plant in Michigan because they were losing money. They expected to lose $4.5 billion on their electric cars in one year. They are also facing labor strife, with the union demanding a 30% pay raise and a reduction of hours.

Many car companies are spending a lot of money to make electric cars and batteries, but they’re not selling enough to make a profit. They need to figure out how to make their cars more popular.

More People Are Buying Electric Cars, But Mostly Teslas

More and more people are buying electric cars. They made up 8.9% of all vehicles sold in the U.S. in the first half of 2023. That’s almost 1 in 10 vehicles. But, there are 103 different models of electric cars, so the sales are spread out among many brands.

Tesla is also helping to make electric cars more affordable. They used their profits to lower prices and sell more cars. The average price of an electric vehicle dropped to $53,376 in July 2023, down from nearly $70,000 the year before. This makes it easier for more people to buy electric cars and join the green movement.