Tesla lost 5% of its electric car market share in the first 9 months of 2021.
According to Arabiya Net, the company's market share declined despite a 98% increase in sales during the same period, as it delivered 627,371 cars.
While Tesla accounted for more than a quarter of all electric vehicle sales worldwide in the first nine months of last year, its market share fell by 5%. Where traditional car companies have become the biggest threat to the company founded by the richest person in the world, Elon Musk.
This comes as the data of the China Passenger Car Association showed a growth in the sales volume of the SAIC-GM-Wuling conglomerate, from the electric car, Wuling Hongguang Mini EV, to 256661 Unit to become the best-selling car in China overtaking Tesla, adding to its cumulative sales of over 400,000 vehicles since its debut in July of 2020.
The reason for the car's popularity is its low price, which amounts to 10% of the price of the cheapest Tesla model, as the car sells for $4,500, compared to $45,000 for a Tesla Model. 3, but the latter can run three times its Chinese rival, as well as the difference in size in favor of the Tesla car, according to data prepared by Statista.
This threat exposes the need for Tesla to monitor traditional car companies, which have already taken the transition steps, most of which have developed strategies to produce hybrid and all-electric cars.
Even though Tesla's head of investor relations, Martin Fischa, agreed on this matter, he tweeted: "We are not playing the role of hunter and prey. The fact of the matter is that 90 % of cars sold around the world in 2021 are conventional fuel cars, but they are losing an important market share in favor of all players in the electric car sector.
