Stock’s Hot Run Extends to 10 Straight Sessions

Tesla’s share of electric vehicle sales in the U.S. fell below 50% for the first time as EV sales jumped to a record high, according to new research. The EV maker’s stock, meanwhile, continued its hot run Tuesday, finishing in the green for a 10th straight day.

Key Takeaways

• Tesla’s share of U.S. electric vehicle sales fell below 50% for the first time in the second quarter of 2024, according to Kelley Blue Book.
• During the second quarter, U.S. EV sales reached a record high, recording an 11.3% increase year-over-year.
• Tesla stock closed Tuesday as the best-performing stock in the Nasdaq Composite, extending its recent rally into a 10th straight day.

EV Maker Competition Heats Up

Companies such as General Motors (GM), Ford (F), Hyundai, and Kia contributed to quarterly U.S. EV sales of 330,463, an 11.3% increase year-over-year, according to Kelley Blue Book. EVs represented 8% of total sales in the U.S. during the period, up from 7.1% in the first quarter and 7.2% a year earlier.

Total sales volume was dragged down by lower sales for some European luxury automakers, including Mercedes-Benz, Polestar, Porsche, and Volvo, according to Kelley Blue Book.

“While Tesla’s sales continue to decline, with its share of EV sales now below 50% for the first time, the overall electric vehicle competitive landscape intensifies further,” said Cox Automotive Industry Insights Director Stephanie Valdez Streaty.

Tesla Stock Extends Rally

The rally in Tesla shares kicked into high gear last week after the company reported better-than-expected second-quarter delivery numbers, news that helped push the stock back into positive territory for the year.

The rally also may be supported by anticipation of an update about Tesla’s robotaxi, expected in early August.

Tesla gained 3.7% Tuesday to close at $262.33, making it the top performer in the Nasdaq Composite and one of the best in the S&P 500. The stock has gained 44% during its 10-session winning streak.

Overall, Tesla’s recent performance in both sales and stock market value has been impressive. Despite facing increased competition in the electric vehicle market, Tesla has managed to maintain its position as a key player. The upcoming release of Tesla’s robotaxi is also generating excitement among investors and analysts alike.

Investors will be closely watching Tesla’s future performance to see if it can sustain its current momentum and continue its winning streak. With the electric vehicle market growing rapidly and competition heating up, Tesla will need to stay innovative and competitive to maintain its market share and stock value.

For more information and updates on Tesla’s performance and the electric vehicle market, visit Investopedia.