Tesla Inc’s (NASDAQ: TSLA) market share of electric vehicles slipped in the United States in the first quarter as the overall market grew, reveals a Cox Automotive and Kelley Book report.
What Happened: The Elon Musk-led company sold an estimated 69,300 vehicles in the first quarter of 2021, contributing 71% of total EV sales, down from 83% share a year ago.
Tesla’s Model Y was its best-selling electric vehicle in the U.S., followed by the Model 3, according to the report.
The Model 3 was the Palo Alto-based company’s best-selling electric vehicle in 2020 but sales in the US market declined by more than 50% year-over-year in the first quarter of 2021.
See Also: Tesla California Registrations Drop In Q1 Driven By Low Model 3 Demand
The General Motors Company’s (NYSE: GM) Chevrolet Bolt was at the third spot on the EV list, with nearly 10,000 sales in the quarter. The all-new Ford Motor Co’s (NYSE: F) Mustang Mach-E, which went on sale in December, was at the fourth spot, outselling both the Tesla Model S and Model X.
Hybrid Segment Outpaces EVs: According to the report, electrified vehicle sales outpaced the overall market performance in the first quarter and contributed 7.8% of the total U.S. market, up from 4.8% in Q1 2020.
Total electrified vehicle sales growth of 81% far outpaced industry growth, while battery EV sales jumped by 44.8% year-over-year to 100,000 units in the quarter, a record, the report said.
The hybrid vehicle sales growth outpaced both the market and EVs, doubling to more than 200,000 in the quarter.
Sales of hybrid and plug-in hybrid vehicles jumped by 106% in Q1 with Toyota Motors Corp. (NYSE: TM), a hybrid pioneer with nearly 25% of its portfolio hybrid, delivered most of that growth, selling 124,449 electrified vehicles in Q1, up from 49,576 in Q1 2020.
Price Action: Tesla shares closed 0.6% higher at $718.99 on Tuesday and were down 0.92% in extended hours.
(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
