Key Takeaways
1. Tesla’s market share in the US electric vehicle market is declining, with an 11% drop in registrations from January 2024 to January 2025.
2. February 2025 saw Tesla’s lowest monthly performance since July 2022, with only 43,650 registrations.
3. Discussions suggest that Tesla’s sales peak in the US may have occurred in February 2023, with over 60,000 units sold.
4. Competitors like Hyundai, Cadillac, and GMC are gaining ground, with a 44% increase in EV registrations among rivals in February.
5. Tesla may have a chance to recover its sales with the upcoming delivery of the new Model Y, drawing on positive trends in markets like Norway and Sweden.
Tesla is clearly the top player in the US electric vehicle market. Nonetheless, the company has watched its market share diminish. A report from Cox Automotive reveals that in January 2025, Tesla experienced a drop of 11 percent in registrations compared to the same time last year. The automaker led by Elon Musk achieved 43,411 registrations during the first month of the year, capturing just 42.5 percent of the market.
February’s Struggles
The month of February didn’t bring any relief for Tesla. According to data from Cox Automotive, the company reported an even poorer performance, with only 43,650 registrations in its domestic market. This marked Tesla’s lowest monthly performance since July 2022, stirring up discussions that its sales peak in the US may have been in February 2023 when it sold over 60,000 units.
Competitors Gaining Ground
Other automobile brands have benefitted from Tesla’s downturn. S&P Global Mobility discovered that buyers who switched from Tesla were most inclined to purchase the Hyundai Ioniq 5, Cadillac Lyriq, and the GMC Hummer EV. Overall, Tesla’s rivals saw a 44 percent increase in EV registrations in February.
If the sales uptick in Norway and Sweden is a sign of things to come, Tesla may be able to turn around its downward trend in the US as it begins to deliver the new Model Y.
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