EV bloodbath: US sales plunge as Tesla tightens its grip
Business Insider • • general
Key Points:
- US electric vehicle sales in Q1 2026 dropped sharply by 27% year over year to about 216,000 units, reflecting a severe market contraction without federal incentives.
- Most major automakers experienced steep declines, with Ford, BMW, and Volkswagen seeing drops of 70%, over 60%, and nearly 90% respectively, highlighting struggles due to low volume and high costs.
- Tesla maintained dominance with a 54% market share, selling 117,300 EVs despite an 8% overall sales decline, driven by a 23% increase in Model Y deliveries, the best-selling EV in the US.
- Toyota was a rare bright spot, growing its EV sales by 79% to roughly 10,000 units and increasing its market share to 4.6%, while General Motors held over 10% of the US market.
- The outlook remains uncertain, as slowing demand affects even Tesla, though rising gas prices could potentially boost EV sales in upcoming quarters.
