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Is Tesla Oversold?

Is Tesla Oversold?

Tesla shares have contracted during…

Americans Aren’t Buying Into The EV Hype

Sales of electric vehicles (EVs), hybrid vehicles, and fuel cell vehicles in the United States slumped in Q3 much more than the slight decline in the overall passenger car market, due to a lack of choice on the U.S. greener car market, analyst company Canalys said in new research.  

Total passenger car deliveries in the U.S. dropped by 1.3 percent year on year to 4.2 million vehicles in the third quarter, Canalys said.

Sales of new energy vehicles (NEVs) in America continue to disappoint, plunging in Q3 by 18 percent on the year, to 90,000 plug-in hybrid, fully electric, and fuel cell vehicles, the company has estimated.  

NEVs accounted for just 2.2 percent of all passenger cars sold in the U.S. in Q3, while sales of SUVs and non-commercial small and medium-sized pick-up trucks all increased between July and September, according to Canalys. Sales of other passenger cars fell by 10 percent on the year.

Among NEVs, Tesla continues to be the market leader, selling more than all its competitors combined and holding a market share of 60 percent in NEV sales in Q3. Yet, even Tesla’s sales in the U.S. dropped by 20 percent on the year in the third quarter, Canalys said.

“There is a severe lack of choice when it comes to NEVs in the US,” Chris Jones, Chief Analyst for automotive at Canalys, said, commenting on the research.

Tesla’s Model 3 deliveries in the U.S. have peaked, while the competitors haven’t offered anything new to challenge the market leader, he added.

Related: The Stage Is Set For Oil Price Volatility On November 18th

“This needs to change in order to grow the EV charging network, spur demand for zero emission vehicles and, as a result, improve air quality in US cities,” Jones noted.

Canalys’s research on U.S. EV sales and Tesla’s market share are similar to that of CleanTechnica, which has recently estimated that Tesla’s models are undisputedly the best-selling electric cars in America. Tesla Model 3 is beating by a wide margin all other makes in the U.S. EV market—the mass-market EV represented 59 percent of all U.S. EV sales in October, and 62 percent of all sales of EVs in America between January and October.  

By Tsvetana Paraskova for Oilprice.com

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