Another Elon empire?

Competition in the electric vehicle market in the US is intensifying. The largest company in the market, Tesla, reported two consecutive quarters of sales declines in the US. Meanwhile, other companies such as Ford, Kia and Hyundai are growing sales, albeit from a much lower starting base. Despite the (perhaps temporary) sales decline, Tesla continues to dominate the fast-charging market, with a market share of 61% compared to 39% -- the combined total of all other competitors. Tesla is opening its charging network to electric vehicles from other brands. The move might discourage other carmakers from building out competing charging networks and ensure Tesla’s continued dominance.

Source: Canary Media, Michael Thomas, Distilled, Alternative Fuels Data Center, April 2024.