GM, Ford rise, Tesla slumps in US ‘car wars’, Bank of America analyst says
DETROIT – It’s the beginning of the end for Tesla’s dominance in the US electric vehicle industry, according to Bank of America Securities. As startups and legacy automakers introduce a significant number of new electric vehicles, Tesla’s domestic share of the electric vehicle market is expected to decline by 70% or more. in recent years to about 11% by 2025, John Murphy, BofA’s lead automotive analyst, said on Thursday. . “Tesla’s dominance in the electric vehicle market, especially in the US, has been realized,” he said at the Automotive Press Association meeting. This forecast is in line with other automotive research and forecasting firms that expect Tesla’s market share in the US to continue to decline. Despite a lot of attention surrounding electric vehicles, Tesla’s current dominance is only a relatively small market. By 2025, Murphy said he expects electric vehicle sales to account for about 10% of the US market. According to Murphy, General Motors and Ford Motor are expected to capture the most share of the electric vehicle market by that time. Each Detroit automaker is expected to have a market share approaching 15% by that time, up from about 6% each, he said. His conclusions are largely based on BofA’s annual Car Wars study, which evaluates an automaker’s performance based on new and redesigned vehicle launches. The study is now in its 25th year for BofA Securities. Murphy said Tesla CEO Elon Musk could have “shut down” the traditional auto industry associated with electric vehicles by raising significant additional capital when he had the opportunity to move faster to increase production. and the number of company vehicles. “It was a huge shortcoming for him,” Murphy said. “He’s introducing products at a slower pace, without a full portfolio, so there’s a huge opportunity for other manufacturers to exploit the gap and catch up a bit.”
