Overview

• New Cox Automotive data show Tesla’s U.S. EV share fell to 38% in August, with a sharp July slide from 48.7% to 42% as overall EV sales rose and competitors posted gains of roughly 60% to 120%.
• Cox says legacy brands are drawing buyers with attractive deals and fresh lineups, noting that the strategy “is working,” as Tesla’s growth in August slowed by 3.1%.
• The federal EV tax credit is scheduled to expire at the end of September, and Cox expects the cutoff to intensify promotions and pull demand forward across the market.
• Tesla’s recent fundamentals have weakened, with Q2 deliveries down nearly 14% to 384,000, revenue down 12% to $22.5 billion, operating income down 42%, and the stock off about 20% year to date.
• Analysts point to Tesla’s shift toward robotics and AI and a thin slate of new cars as factors in the erosion, while reports this week describe stumbles in robotaxi pilots that complicate the company’s broader pivot.