Tesla's US EV Market Share Falls Below 50% for First Time

Despite declining dominance, Tesla's stock rallies amid increased competition and investor optimism.

Tesla's share of the US electric vehicle market dropped to 49.7% in Q2 2024, a significant decrease from 59.3% a year earlier.
Overall US EV sales grew by 11.3% year-over-year, with 330,463 units sold in Q2.
Competition from General Motors, Ford, Hyundai, and Kia contributed to Tesla's market share decline.
Tesla's stock price has surged, regaining losses from earlier in the year and closing at $263.26.
Investors remain optimistic about Tesla's future, focusing on upcoming innovations like robo-taxis and affordable EV models.