Tesla's Spot as the #1 EV Maker May Be On Thin Ice
Follow along as we explain why VW and other companies may soon strip Tesla of its EV dominance in the U.S. and other countries, possibly by 2024.
Written by Jason Crosby
Reviewed by Kathleen Flear
Tesla has dominated the U.S. EV market for several years now, a trend that hasn’t shown any signs of slowing down—until now, anyways. It’s predicted that Tesla only has about another year and a half before other carmakers start to catch up to Musk’s EV brand. But what companies are in hot pursuit of Tesla?
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As
Green Car Reports
indicates, Tesla is still king—but only for the next 18 months. The car industry is changing rapidly, and this means that more and more companies are releasing EV models that aim to compete with the dominance that Tesla has established over more than 10 years. VW is the company that seems closest to overtaking Tesla, most notably with their ID.4 and ID.Buzz models. Even though only 5% of VW’s vehicle sales were EVs last year, 2024 is predicted to be the year where they catch up to Tesla in terms of production volume and sales.
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Ford is also a top contender against Tesla
Ford has been one of the few EV truck manufacturers to actually deliver their vehicle on time, and that’s something that neither Tesla nor Rivian can tout. The Ford F-150 Lightning is wildly popular, and received over
200,000 pre-orders
so far. Despite it being routinely overpriced at dealerships (thanks to sneaky premium costs), the Ford F-150 Lightning is selling fast, and neither GM nor Tesla will be able to elbow their way into the EV truck game until 2023.
Rivian
is currently a minor threat to both Tesla and Ford—and hasn’t exactly been in fine form recently.MORE: Rivian R1T Pickup Deliveries Will Be Delayed
Is a more competitive car market good for EV prices?
Shopify
explains that while market competition might be tough on companies, it’s better for consumers because we often get a better deal. The more variety we have to choose from, the harder companies have to work in order to offer better deals, features, and options for us to pick. The only downside to the demand for EVs increasing is that the car market is experiencing inflation at the present moment. But—with more companies starting to put out EV models, companies like Tesla, Ford, and others will see their vehicle prices drop as supply and demand become more balanced.
MORE: What is the Cheapest Electric Vehicle for 2022?
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