Tesla Inc.‘s TSLA lackluster sales continue to pose a challenge for Elon Musk‘s EV giant, with the latest data suggesting dwindling market share in the U.S.
Tesla Market Share Reaches Eight-Year Low In The U.S.
The company’s total market share in the U.S. EV market is down to below 40% for the first time since October 2017, according to the data obtained by news agency Reuters on Monday. The company currently holds 38% of the EV market in the U.S., the report suggests.
Tesla’s sales in August grew 3.1%, a contrast to its 7% growth in July, while the domestic EV market saw a 14% surge in August, the report said. It’s worth noting that at one point, Tesla captured over 80% of the market in the U.S.
China, Europe See Sales Decline
The news comes as Tesla saw a 10% decline in its sales in the Chinese market during August, despite the company’s newly launched Model Y L, a six-seater trim of the Model Y SUV, raking in over 120,000 new orders since its launch in August.
Meanwhile, Tesla’s sales also fell sharply in Europe, with the company recording a 40.2% decline in the region. Tesla’s decline has coincided with rival BYD Co. Ltd. BYDDY BYDDF recording a 225% surge in sales in the European market.
Tesla’s Trillion-Dollar Pay Package Incites Mixed Reactions
Tesla’s $1 trillion pay package for Musk has incited mixed reactions, with Sen. Bernie Sanders (I-Vt) calling the package “grossly immoral” in a post on social media platform X.
Elsewhere, investment bank Morgan Stanley has termed the compensation award a good deal for Tesla’s investors and shareholders, citing that the market opportunity for Tesla in the future through its robotics push exceeds the package by multiple times.
On the other hand, investor Gene Munster has opined that Tesla’s numbers laid out in the pay package were “mind blowing and achievable” and shared that a merger between the EV giant and Musk’s artificial intelligence company xAI could help it achieve the $8.5 trillion target.
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