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.”
