Tesla’s competition in the electric vehicle market has intensified over the past two years as more EV manufacturers ramp up production and deliveries.
Elon Musk’s Austin, Texas-based company has seen its EV market share shrink from about 79% in 2020 to 75.8% in June 2022 to about 65% today as rival automakers continue to increase their factories.
Tesla (TSLA) – Get a free report still has plenty of good news to report in the first three quarters of 2022 as it is on track to deliver 1 million EVs with 908,000 delivered in the year to September 30 after delivering 343,000 in the third quarter. The company also launched its latest electric car on December 1 with the delivery of its semi-trucks.
While Tesla’s biggest competitors in the US hold a small percentage of the market – Ford (Well) – Get a free report, 7%; Kia, 5%; Chevrolet, 4%, Hyundai, 4% — these companies and smaller ones are setting EV delivery records as they ramp up production.
Ford reported in November that it had a 103% year-over-year increase in EV sales. In the same month, Kia said it had a 133% increase in sales over the previous year. Volkswagen said in November that it had reached its 500,000-unit delivery benchmark a year earlier than expected after posting a 25% year-on-year increase in deliveries in October.
Pressure from Chinese rivals
Tesla is seeing increased pressure coming from China, and not just from covid-related restrictions and factory closures. Chinese rivals Nio (NIO) – Get a free reportLi Auto (LI) – Get a free reportand BYD had impressive numbers for November.
BYD reported that it sold 113,915 fully electric vehicles in November, which was a 147% increase over the previous year. It also sold 116,027 plug-in hybrids, a 164% increase over the previous year.
On December 1, Nio reported that it delivered 14,178 vehicles in November, a new record high for delivery, an increase of 30.3% year-on-year. Cumulative deliveries of Nio vehicles reached 273,741 as of November 30.
Nio deliveries in November consisted of 8,003 premium smart electric SUVs, including 4,897 ES7s, and 6,175 premium smart electric sedans, including 3,207 ET7s and 2,968 ET5s.
Nio said it plans to further accelerate production and shipping in December.
On Dec. 1, Li Auto said it delivered a record 15,034 EVs in November, up 11.5 percent year-on-year. Cumulative deliveries through November reached 236,101.
Li Auto SUV Sales
“We set another monthly record with 15,034 deliveries in November,” Yanan Shen, co-founder and president of Li Auto, said in a statement. “In particular, the Li L9 has been the full-size SUV sales champion in China for two consecutive months since it started shipping, establishing it as the top choice for six-seater full-size family SUVs in China.”
Shen said the Li L9 SUV in November received the highest safety rating for driver and passenger side tests from the China Insurance Auto Safety Index.
NIO and Tencent Holdings entered into a strategic cooperation agreement on Nov. 28 to further deepen the partnership in the fields of cloud services related to autonomous driving, smart driving maps and digital ecosystem to provide users with experiences beyond expectations, according to a statement.