Tesla Stocks Down, Tesla EV Market Share Up: What Comes Next?

Tesla's stock dropped to its lowest point since last August this week, closing at $320, after a rough earnings report from CEO Elon Musk. He noted 22,000 unsold vehicles so far this year and more than 200 crashes tied to the company's driver-assistance technology. Musk also gave an update on Robotaxi, the company's driverless ride-hailing service, saying it's expanding in Florida, Texas, and the Bay Area with a fast growth rate in miles driven. But Musk has a history of missing his own timelines for Robotaxi, and the rollout has hit bumps, including a driverless Tesla spotted going the wrong way down a one-way street in Tampa just a day after launch there.

Despite the stock slide and the Robotaxi stumbles, Tesla still sells more electric vehicles than any other automaker in the US, holding just over half the market in the most recent quarter. That's down sharply from the roughly 80 percent share Tesla held back in 2019, as other automakers have chipped away at its lead.

For homeowners simply trying to decide on an EV, this doesn't change much day to day. Tesla remains the dominant choice, but competition keeps growing: Rivian is expanding with a new factory in Georgia, Ford is developing a midsize electric pickup, GM continues to market its Bolt as an affordable option, and startups like Slate Auto and Telo Trucks have new models coming this year. If you're weighing an EV purchase, it's worth knowing the market has more choices than it did just a few years ago.