Tesla Is Dominating U.S. Electric Vehicle Sales
Tesla’s current dominance will certainly be further challenged. Electric vehicles are becoming more refined and are forecasted to be an indispensable part of any car company’s future business. Initially the electric vehicle industry was capital intensive, which was a barrier to entry and an unappealing, unprofitable expense for larger companies. Now that manufacturers are starting to see EVs in their future, more powerful players are entering the space in force. BMW now has three types of cars and the largest electric vehicle manufacturer worldwide, BYD, has signaled that they will enter the U.S. car market as well, which could pose a problem for Tesla’s industry influence.
This chart shows plug-in electric vehicle sales by car type from May 2019.