In a Bank of America, the report called Car Wars in 2022, Ford and GM are projected to have about 15% of the electric car market each, while Tesla’s share will fall from 70% to 11%.
Tesla’s share of the electric car market may fall from 70% today to just 11% by 2025 due to increased competition from General Motors and Ford, according to the latest issue of the annual Bank of America survey.
“According to study author John Murphy, senior automotive analyst at Bank of America, the two Detroit giants will overtake Tesla by the middle of the decade, when each will have about 15% of the electric car market. “
That’s an increase in market share of about 10 percent over what both automakers currently hold, and new products like the F-150 Lightning and Silverado EV electric pickups are expected to drive impressive growth.
“Tesla’s dominance in the electric car market, especially in the US, is over. In the next four years, it will change dramatically in the opposite direction.”
Murphy believes that Tesla will lose its dominant position in the electric vehicle market because it is not expanding its model range fast enough to keep up with both old automakers and new startups that are increasing their electric vehicle lines.
The analyst says that Tesla CEO Elon Musk has had a vacuum for the past 10 years in which he could work where there was not much competition, but “this vacuum is currently being massively filled over the next four years with a very good product.”
Tesla has postponed the release of the Cybertruck several times, and plans for the release of the next-generation roadster have also been postponed. According to the company’s latest updates, both the electric truck and the sports car will go into production next year.
Not so long ago, we wrote that the supply of Tesla electric cars will decrease in the second quarter of 2022 due to quarantine in China. Tesla’s quarterly shipments are expected to decline for the first time in almost two years due to the shutdown of production at the Chinese factory in Shanghai.