The big guys will compete with Yahoo for the top spot in the electric vehicle industry, and they could be successful in the not-too-distant future, Bank of America auto analyst John Murphy told Yahoo Finance.
While Tesla’s performance this year has been impressive, signs of losing market share have emerged as rivals push into electric vehicles. According to recent data from Experian, in the second quarter of 2021, Tesla’s share of electric vehicle registrations decreased from 79.5% in the same period last year to 66.3%, and GM’s Chevrolet’s share rose from 8.3% to 9.6%. The shares of Ford, Nissan and Audi also rose.
The latest statements from Ford and GM also point to further pressure on Tesla this year. Ford CEO Jim Farley said that in the next 22 months, the production capacity of electric vehicles will reach 600,000, making it the second-largest electric vehicle manufacturer. GM CEO Mary Barra said on a recent earnings call with analysts that EV orders top 110,000 and are growing.