U.S. market share for electric vehicles rose to 7.2 percent in the January to July period, according to new-vehicle registration data from Experian, with Tesla spurring demand with escalating price cuts throughout the year.
New U.S. EV registrations rose to 655,986 in the seven-month period for a 67 percent rise over the year-earlier period when EV share was 4.9 percent. Total new light-vehicle registrations for the seven months were about 9.1 million, the data showed.
Tesla had 390,377 registrations from January to July — a 50 percent increase compared with the year-earlier period for a 59.5 percent share of the EV market, the data showed.
In July alone, Tesla had 60,769 new registrations compared with all other EV makers combined with 48,566, Experian said.
Still, Tesla's EV rivals such as BMW, Mercedes-Benz and Rivian made significant share gains from last year, the data showed. Ford, Hyundai and Kia saw new registrations rise, but their market share slipped amid the increasing competition.