Tesla’s U.S. Electric Vehicle Market Share Drops to 38%, Hitting an Eight-Year Low

　　According to data from research firm Cox Automotive, Tesla (TSLA.US) saw its market share in the U.S. electric vehicle market fall to its lowest level in nearly eight years in August. As buyers shift toward a growing number of EV products launched by competitors, the appeal of Tesla’s relatively aging product lineup has declined.

　　Early data indicated that Tesla once held over 80% of the U.S. electric vehicle market. However, in August of this year, the company accounted for only 38% of total U.S. electric vehicle sales. This marks the first time since October 2017, when Tesla significantly ramped up production of its first mass-market model, the Model 3, that its market share has fallen below 40%.

　　Reports suggest that analysts expect U.S. electric vehicle sales growth to continue into September. However, once the federal tax credit policy expires at the end of the month, sales are likely to decline, which could put financial pressure on Tesla and other automakers.