Hyundai group, Ford chip away at Tesla lead

Ford and the rest of the legacy pack have much catching up to do with EV front-runner Tesla.

The Austin, Texas, EV maker claimed 65 percent of new EV registrations through August, down only slightly from its 66.2 percent share a year earlier. Four of the five most-registered EVs through August were Teslas.

Overall, EV registrations climbed 56 percent year over year. Through August, EVs accounted for a record 5 percent share of U.S. light-vehicle total registrations, compared with 2.6 percent a year ago.

According to data from Experian, legacy automakers and non-Tesla startups posted 61 percent EV growth through August, with 160,403 registrations among 22 brands.

Automakers have introduced nearly 15 EV models in the U.S. since the beginning of 2021, with eight launched this year, according to EV subscription startup Autonomy.

The competition is gnawing at Tesla’s early lead. Autonomy projects Tesla’s share of EVs sold in the U.S. will fall below 40 percent by the end of next year.

Abuelsamid sees General Motors emerging as a strong EV player by early 2024.

“There is a good chance that GM will overtake Ford and Hyundai Motor Group with the launch of the high-volume Silverado, Equinox and Blazer EV models,” he said.