No one can deny the control and dominance that Tesla currently has in the global electricity market. Its cars are the most sought after and the most desired by drivers determined to make the leap to electric mobility. However, more and more makes and models are arriving at dealerships with the intention of stealing customers from those in Austin. A Bank of America study reveals that in a few years Ford and General Motors will surpass Tesla in electricity market shareending a dominance of more than a decade.
We all know that sooner or later it will happen. Tesla has been the forerunner of a change that is here to stay. Electric cars are not an alternative, but rather a clear and visible reality. Its market share grows month by month and In countries like the United States, Tesla dominates the sector with a 70% market share.. However, analysts estimate that this figure will drop dramatically in just three years, as they believe that by 2025 Ford and General Motors will sell more electric vehicles.
The main argument put forward by Bank of America Merrill Lynch, responsible for the forecast report, is the high level of competition that will arise in the coming years. General Motors, made up of the Chevrolet, Buick, GMC and Cadillac brands, only has three models on the market: Chevrolet Bolt EV, Cadillac Lyriq and Hummer EV. Although none of the three can now stand up to Tesla, what is to come will. In the list of future releases are stars like the Chevrolet Silverado EV or the Chevrolet Blazer EV, two larger volume cars.
Three quarters of the same thing happens to Ford. It currently offers three models, two if we focus on the passenger car market: Ford F-150 Lightning and Ford Mustang Mach-E. Despite this scarce supply and the high demand generated by the Tesla Model 3 and Tesla Model Y, analysts consider that in just three years the market will quickly turn to Ford and General Motors. Both manufacturers are investing huge amounts of money that in 2025 should begin to bear fruit.
The study estimates that the drop in Tesla’s market share will be from the current 70% to just 11%. There is no doubt that those from Austin are the main enemy for traditional brands, and although Tesla is making great efforts to expand the volume of production, it will be able to do little when giants like GM or Ford have their electric forges working at maximum performance. Despite this, this fall is alarmingly large in an exaggeratedly short term. We will see how the market responds, but it is clear that something is going to change, once again.