According to Reuters reports, Cox Automotive (Cox Automotive) released a report showing that in the third quarter of the U.S. electric car sales for the first time jumped to more than 300,000 units, but Tesla’s market share has slipped to a record low level — currently occupies only half of the market share, down from 62% in the first quarter.
Cox believes Tesla could reverse the decline with the introduction of the Cybertruck electric pickup truck. Unfortunately, the decision was made to delay deliveries because the stainless steel body supplied by supplier Otto Kemp was too heavy for the Cybertruck’s range.
Cox said, “Higher inventory levels, greater product availability and downward pricing pressure have helped spur continued linear growth in EV sales in the U.S. market.” He added that the price war initiated by Tesla has reduced the average EV price to $50,683 in September from $52,212 last month.
Total electric vehicle sales in the U.S. rose nearly 50% year-over-year in the third quarter, accounting for a record 7.9% of total industry sales. Rivian delivered more vehicles than analysts expected in the third quarter and reaffirmed its annual production target of 52,000 vehicles.
Meanwhile, Tesla’s third-quarter deliveries fell short of market expectations as its factory’s planned upgrades to roll out a refreshed version of the Model 3 halted production.
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