MarcATL
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As has been expected for a while now, Elon's propped up reign in the EV market is nearing it's end...
More: Study Predicts Both Ford And GM Will Overtake Tesla By 2025
2022 "Car Wars" report forecasts Ford and GM each will have roughly 15% EV market share while Tesla will plummet from 70% to 11%.
By: Dan Mihalascu
Tesla's electric vehicle market share may plummet from 70 percent today to just 11 percent by 2025 in the face of increased competition from General Motors and Ford, the latest edition of Bank of America Merrill Lynch's annual "Car Wars" study claims.
According to research author John Murphy, a senior auto analyst at Bank of America Merrill Lynch, the two Detroit giants will overtake Tesla by mid-decade, when each will have roughly 15 percent EV market share. That's an increase of about 10 percent market share from where both carmakers stand now, with new products like the F-150 Lightning and Silverado EV electric pickups expected to drive the spectacular growth.
"That dominance Tesla's had in the EV market, particularly in the U.S., is done. It's going to shift wildly in the opposite direction in the next four years."
John Murphy, senior auto analyst Bank of America Merrill Lynch
Murphy believes Tesla will lose its dominant position in the EV market because it is not expanding its portfolio quickly enough to keep up with both legacy automakers and new startups that are ramping up their EV lineups.
More: Study Predicts Both Ford And GM Will Overtake Tesla By 2025