Ford and GM are likely to overtake Tesla in the electric vehicle (EV) market share by 2025, even as the Elon Musk-led firm solidly takes the biggest slice of the pie these days.
The two renowned automakers Ford and General Motors (GM) have become staple names in the world of fuel-powered vehicles, but Tesla undoubtedly reigns in the EV race.
(Photo :by JEFF KOWALSKY/AFP via Getty Images )
Ford Motor Company unveils their new electric F-150 Lightning outside of their headquarters in Dearborn, Michigan on May 19, 2021.
However, veteran car makers, Ford and GM, are also trying to take over the all-electric space with a few offerings as early as now.
Ford, GM Likely to Overtake Tesla in EV Market Share
Recent research, authored by the senior auto analyst of Bank of America, John Murphy, says that Tesla is plummeting its market share by mid-decade, favoring the Detroit-based giant firms, GM and Ford.
As per a news story by Inside EVs, the study says that the giant automakers are going to increase their market share by a significant two-digit percentage, roughly around 10 percent.
It should give GM and the Blue Oval around 15 percent each in the EV market share in the next three years, all thanks to their new electric offerings, such as the Silverado and F-150 Lightning pickups.
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A Chevrolet Volt extended-range electric vehicle sits at an event where Fritz Henderson, CEO and President of General Motors, announced that GM will invest $43 million in Brownstown Township, Michigan to manufacture lithium-ion battery packs for the Chevrolet Volt and other extended-range electric vehicles at the GM Brownstown Battery Assembly facility.
The author of the study, Murphy, blatantly predicts that the dominance of the EV maker owned by ultra-rich billionaire Musk is "done." The Bank of America analyst also thinks that "it's going to shift wildly in the opposite direction in the next four years."
The "Car Wars" research believes that Tesla is losing its 70 percent EV market share dominance, pulling it down to a measly 11 percent by 2025.
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Elon Musk to Blame?
According to a recent report by Teslarati, the analyst highlights that the downfall of Tesla is rooted in its small product portfolio. Not to mention that Murphy also notes that Musk is rolling out products at a sluggish pace.
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Tesla boss Elon Musk (L) walks with Shanghai Mayor Ying Yong during the ground-breaking ceremony for a Tesla factory in Shanghai on January 7, 2019.
The Bank of America analyst says that one of the biggest mistakes of Tesla is it "didn't take greater advantage of the free money it could have gotten, raise much more, open capacity faster, grow much faster, and shut the door."
On top of that, he says that the big boss of Tesla, Musk, "didn't move fast enough."
Teslarati notes in its report that the giant EV maker sure does have some delays every now and there.
For instance, its oddly-shaped all-electric pickup truck, the Cybertruck, has yet to start its production. It comes after Tesla had to delay it numerous times.
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Written by Teejay Boris
