Tesla Remains Dominant in US EV Industry as Hyundai Exceeds GM’s Sales

Motor Intelligence has released data showing that Tesla has maintained its dominance of the U.S. electric vehicle market while legacy automakers have continued to overpromise but under deliver in this nascent industry. The vehicle data firm says that Tesla has widened the gap between its total sales and those of its rivals.

For example, in last year’s first half, Tesla’s lead in sales was 225,000 vehicles and that has widened to 300,000 vehicles in the first six months of this year. Overall, Tesla registered an increase of 30% from its total sales during the first six months in 2023 when compared to the same period in 2022.

In contrast, Hyundai saw an 11% increase in its sales when the first six months of this year are compared to the sales of the same period last year. In terms of actual EV units sold in that time, records show Hyundai sold 38,457 vehicles. GM came in next with sales totaling 36,322 vehicles.

The other two companies that complete the top five in terms of EV sales are Volkswagen (26,538 vehicles) in fourth place while Ford took the fifth spot with 25,709 vehicles sold from January to end of June this year. It should be noted that Ford closed some of its production plants, including its Mexico one, in order to install new machinery. Those periods of inactivity could have exerted a drag on the number of vehicles it could make and deliver to consumers.

Overall, Tesla has seen its dominance of the U.S. electric vehicle industry reduced as more players enter the space and introduce variety in terms of vehicle models as well as price points. Motor Intelligence data indicates that Tesla now commands 60% of the market, down from nearly 70% of the local market in June last year.

Legacy automakers such as Ford and GM have been expressing their desire to topple Tesla from its perch at the top of the EV industry, but their actions in this regard haven’t yielded the results they seek. The output of other manufacturers is woefully low, with many not even commanding 1% of the local market.

Meanwhile, Tesla isn’t just taking steps to widen its lead domestically. The company is also ramping up its production in order to supply the international market. For example, the production facility in Texas is expected to hit 500,000 units this year, with the company intent on making nearly 2 million vehicles in total this year at all its production facilities.

Given that so many automakers still have a tiny share of the market, startups such as Lucid Motors (NASDAQ: LCID) have an opportunity to move fast and establish themselves not just within the U.S. market but internationally as well.

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