Tesla has been the electric vehicle industry’s top-performing company for most of the sector’s existence, pioneering the modern electric vehicle and selling more EVs than other automakers. However, after basically running the EV industry for more than a decade, Tesla has been forced to contend with significantly increased competition in major markets such as the United States and China.

Data shows that the company’s electric vehicle market share in the U.S. during Q3 2023 dropped below 50% compared to almost 65% over the…

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