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Tesla to capture $2.5 trillion market share in the EV market

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Existing car manufacturers that have transitioned to electric car production in the United States are projected to struggle to catch up to Tesla in the near future, at least in terms of output.

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Major market research organizations such as Bernstein, IHS, and EVVolumes.com forecast electric car production by six major internal combustion vehicle manufacturers and came up with these numbers.

According to Bernstein, Tesla’s annual electric car production was over 900,000 this year. In contrast, Volkswagen produced 500,000 units, followed by Stellantis with 200,000 units, BMW (100,000 units), Daimler, Ford, and General Motors (GM).

According to market research organizations, each of the Big Six manufacturers’ electric car output will be less than Tesla’s for the time being. Then, in 2024, Volkswagen should overtake Tesla in production for the first time, with 1.7 million vehicles produced (1.6 million).

Other internal combustion car manufacturers are likely to keep EV output below 1 million units in 2024.

Elon Musk, the CEO of Tesla, claimed this month that the company’s car manufacturing had increased at a 71 percent annual pace over the last five years. Moreover, he is “optimistic it will be able to continue that level,”. At the moment, it will be at least 50%.” Next year, Tesla’s manufacturing is likely to reach 1 million vehicles.

Electric cars are progressively increasing their market share in today’s automobile market. In 2020, electric cars (excluding trucks) accounted for 3% of the worldwide automobile market. However, in this quarter, they should account for 11.4 percent of the worldwide market. This equates to a 1 million unit yearly manufacturing capacity.

In comparison to Tesla, Ford’s EV output increased by less than 2% between 2017 and 2020. Forecasts indicates about ten percent this year.

Ford has declared that by the end of 2023, it would be producing 600,000 vehicles per year. Which is half of Tesla’s output forecasts.

Moreover, due to a semiconductor scarcity, Volkswagen’s output is anticipated to fall short of its original target.

For MetaNews.

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Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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