Tesla Inc. (NASDAQ: TSLA) has started to lose market stakes to Ford Motor Company’s Mustang Mach-E. The loss is that the Tesla company, which Elon Musk owned, lost shares worth 69 percent in an electric vehicle. The percentages indicate a drop from 81 percent earlier in the year.
Ford Mustang Mach-E took that opportunity to recover over 100 percent of the lost shares. Sales of electric vehicles in the U.S. had already risen by 40 percent. According to occupations drawn from a certain report, 21,550 were sales of Tesla in the U.S. while battery electric vehicle sales recorded a figure of 9,537. The sudden drop in sales becomes a great concern as Tesla failed to break down the sales compared to other car manufacturers. Even information about the vehicle’s registration was unavailable.
In February, the manufacture of Model S and Model X was aborted, largely affecting Model 3 after a problem of shortage of vehicle parts hit. The shares belonging to the Tesla market in the U.S might drop below 60 percent by 2021 and by 40 percent by 2023.
On Tuesday, Steve Westly, who served as the board member of Tesla, stated that Palo Alto in California would not remain to be the leader of the Hill in electric vehicles forever. Morgan Stanley released a report showing auto industry sales as per day whereby there was a drop of 5.5 percent year after year. On the other hand, electric battery sales rose by 34.1 percent year after year. Nominal sales of Tesla rose by about 5.4 percent, while no-Tesla electric vehicles rose by 104.9 percent.
The penetration of BEV recorded 2.6 percent in February, increasing from last year’s 1.8 percent. The company stated that electric vehicles’ sales accounted for bigger revenue since their average selling prices were higher.
Morgan Stanley provided an estimation showing that approximately 21 550 Tesla vehicles were sold in the U.S while non-Tesla automakers had sold about 9,527 electric cars. Those that fall under non-Tesla car manufacturers include; Porsche, Kia, Volkswagen, BMW, Audi, Hyundai, Mini Cooper, Jaguar, and Volvo, among many others.
Electrek pointed out some caveats in the report provided by Morgan Stanley whereby Tesla did not offer a detailed breakdown as compared to other car manufacturers. Additionally, not all states provide information about vehicle registration. Tesla and Ford both fall under Entrepreneur Index, which is the largest publicly-traded company managed by either their founders or founder’s family.https://thetrustedchronicle.com/