Still, it’s only a tiny shock for Tesla. Musk’s firm dominates the U.S. market with about 73% share in the third quarter, according to Experian. Teslas are already pricier, and its sales haven’t been dented despite that tax credits already favor other cars. The $7,500 consumer incentive maxed out for the firm in 2019 when it surpassed 200,000 qualifying vehicle sales. But Tesla sales surged more than 70% in the third quarter.
Musk also has another sales track: China. The People’s Republic is Tesla’s main export hub, and last year, revenue more than doubled to $6.7 billion while it grew by 20% in the United States to $15.2 billion. China accounted for about half of overall global electric-vehicle sales in September, according to Rystad Energy, and Beijing has set a goal of EVs making up 40% of all vehicle sales by 2025.
Cheaper Chevrolet has made some inroads into the United States, but a battery recall cut its market share by more than half from the second quarter to the third to 4%, according to Experian. Tesla already plans to go down in price point, with a $25,000 model possibly launching in 2023. That will keep sales humming, even without the extra Biden boost.- U.S. House Speaker Nancy Pelosi said on Nov.