Tesla to grow its lead in electric cars despite demand slump, Morgan Stanley says
Meanwhile, the automaker's long-held grip on the EV market has been slipping. Its US market share of new EVs stood at 65% through Q3 of this year, according to S&P Global Mobility, down from 71% in 2021 and 79% in 2020. And in 2023,to hit the roads, from established and startup automakers alike.
For months now, both incumbent and startup automakers haven't been able to churn out enough electric cars to meet their early adopters' demands, despite overall adoption remaining relatively low. Many car companies have been sitting on several-thousand-vehicle order backlogs while also getting pummeled by supply chain constraints. But Jonas expects the supply tides to turn.
Even with the increased competition, Tesla may be in a position to extend its lead in 2023, Jonas wrote. And that's before the Inflation'Tesla will widen its lead' The coming months will be especially challenging for the EV space, echoing much of what the industry has seen throughout 2022."Between a worsening macro backdrop, record high unaffordability, and increasing competition, there are hurdles to overcome," Jonas wrote.
"Yet we do believe that in the face of all these pressures, TSLA will widen its lead in the EV race, as it leverages its cost and scale advantages to further itself from the competition."
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