Tesla's once-dominant hold on the U.S. electric vehicle market continues to erode, with its domestic market share now falling below 50% and trending toward 40%, according to Cox Automotive. The company's vehicle deliveries in the first quarter missed analyst expectations, declining from a year ago, as its aging lineup and Elon Musk’s polarizing political image weigh on demand. Tesla’s troubles are even more pronounced in Europe, where sales plunged 49% in April and nearly 40% year-to-date despite rising EV adoption across the continent, according to The Street. Musk claims that politically conservative buyers have replaced left-leaning customers who abandoned Tesla. Speaking at the Qatar Economic Forum, he insisted that the company continue seeing strong demand.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Tesla's once-dominated hold on the U.S. electric vehicle market continues to erode,
00:06with its domestic market share now falling below 50% and treading toward 40%,
00:10according to Cox Automotive.
00:12The company's vehicle deliveries in the first quarter missed analyst's expectations,
00:15declining from a year ago, as its aging lineup and Elon Musk's polarizing political image
00:19weigh on demand.
00:21Tesla's troubles are even more pronounced in Europe,
00:23where sales plunged 49% in April and nearly 40% year-to-date,
00:26despite rising EV adoption across the continent, according to The Street.
00:31Musk claims that politically conservative buyers have replaced left-leaning customers
00:34who abandoned Tesla.
00:35Speaking of the Qatar Economic Forum,
00:37he insisted that the company continues to see strong demand.
00:40For all things money, visit Benzinga.com slash GSTV.