GM, Ford, and overseas rivals abandoned US EV ambitions and retooled factories, leaving Tesla with virtually no serious domestic competition. Tesla's Full Self-Driving software leads the industry, and a large base of $99-per-month subscribers gives it a head start if autonomous driving regulations expand. Read More: Learn 7 secret wealth tips high net worth investors use that most investors miss (sponsor) In mid-2025, Tesla's (NASDAQ: TSLA) sales had collapsed.
CEO Elon Musk's relationship with President Trump had crippled sales and the company's stock. reported that S&P Global Mobility Research found that "brand loyalty" had "plunged." A year earlier, its customers were the most loyal among major US car companies. Tesla's stock also plunged during that period. It traded for $436 a share at the start of 2025.
By late April, it was $240. More than $500 billion in market cap disappeared. What a difference a year and a half makes.
Tesla's market share in the US is back to 52%. Overall EV sales in the US are down 30% through August, according to The Wall Street Journal. However, Tesla has a chance to do even better if the EV industry rebounds, even modestly.
Major global manufacturers that believed they could conquer the US EV market have watched their efforts collapse. This includes GM (NYSE: GM), Ford (NYSE: F), and companies based in South Korea and Europe. And there are few signs they will be back.
Most have already changed their factories to build other products. Tesla has one significant challenge. It has dumped two models—the Model S and Model X.
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