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Tesla Is Bleeding Battery EV Market Share To Ford's Mustang Mach-E: Morgan Stanley

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Shivdeep Dhaliwal
·2 min read
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Tesla Inc (NASDAQ: TSLA) is losing market share to Ford Motor Company’s (NYSE: F) Mustang Mach-E in the United States, according to Morgan Stanley, Electrek reported Wednesday.

What Happened: The global financial services firm said in its February auto sales report that the Elon Musk-led company’s share of the battery electric vehicle market fell to 69% compared with 81% in the same period a year earlier, according to Electrek.

The Ford Mustang Mach-E reportedly made up for nearly 100% of the share loss.

See also: How to Invest in Tesla Stock

The report said that EV sales in the U.S. were up by almost 40%. The report assumed 21,550 Tesla sales in the U.S. and 9,527 BEV sales made up of a pack of manufacturers made up of names such as Ford, Volkswagen AG (OTC: VWAGY), Bayerische Motoren Werke AG (OTC: BMWYY), and General Motors Company (NYSE: GM).

Why It Matters: Electrek noted that Tesla does not break down sales unlike many other automakers and registration data are not available per state.

Model S and Model X production was also briefly halted in late February and Model 3 production was hit due to a parts shortage issue.

Tesla’s market share in the United States is likely to dip below 60% this year and below 50% in 2022, as per Electrek.

See Also: Tesla's Share Of European EV Market Reduced To 3.5%

On Tuesday, former Tesla board member Steve Westly said the Palo Alto, California-based automaker will not remain “King of the Hill in electric forever.”

Westly pointed to heightened competition from traditional automakers and Chinese rivals.

Price Action: Tesla shares closed nearly 4.8% lower at $653.20 on Wednesday and gained 0.11% in the after-hours trading.

Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.

Latest Ratings for TSLA

Feb 2021

Morgan Stanley

Maintains

Overweight

Feb 2021

Piper Sandler

Maintains

Overweight

Jan 2021

Deutsche Bank

Maintains

Buy

View More Analyst Ratings for TSLA
View the Latest Analyst Ratings

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