Is it just Tesla, or mostly Tesla? <i>"If you remove Tesla from the equation, BEV sales are actually up 1.3%."</i> That's not exactly strong growth, but it means alternatives to Tesla have caught up.
The real surprise here: Hyundai is _down_? Really? Every second 2024 electric car I see seems to be an Ioniq of some sort.<p>(The other surprise for me is that Cupra is doing so well; they have one car, which is “what if an id.3, but make it weirder”. Apparently there is a market for that.)<p>It’ll be interesting to see what this is like next year; there are a bunch of cars in the 20-30k range coming out now.
Tesla has a Musk problem in my opinion. Before you reflexively downvote because you love Musk, here is polling from Gallup.<p>EV potential purchasing by political affiliation:<p>* Republican: 71% would not buy<p>* Independent: 38% would not buy<p>* Democrat: 17% would not buy<p>The overwhelming result is that democrats are way more likely to own or be considering an EV than independents who are themselves overwhelming more likely to than republicans.<p>See: <a href="https://news.gallup.com/poll/474095/americans-not-completely-sold-electric-vehicles.aspx#:~:text=not%20buy%20one.-,The%20data%20is%20from%20Gallup's%20March%201-23%2C%202023%20poll,or%20are%20seriously%20considering%20it" rel="nofollow">https://news.gallup.com/poll/474095/americans-not-completely...</a>.<p>Note these results are from last year, prior to Musk spending $250 million dollars to elect a lightning rod republican. I don't want to make this a "political" issue, but the fact of the matter is Musk very publicly spent a quarter of a billion dollars against the interests of his core market. Hell, there are people who know Tesla is a superior product and will now not purchase one essentially against their own interests because of him.<p>* <a href="https://www.theguardian.com/technology/2024/nov/29/tesla-owners-elon-musk" rel="nofollow">https://www.theguardian.com/technology/2024/nov/29/tesla-own...</a><p>* <a href="https://www.forbes.com/sites/jamesmorris/2024/08/24/is-elon-musk-driving-away-teslas-core-customers/" rel="nofollow">https://www.forbes.com/sites/jamesmorris/2024/08/24/is-elon-...</a><p>* <a href="https://www.reuters.com/business/autos-transportation/would-be-tesla-buyers-snub-company-musks-reputation-dips-2024-04-01/" rel="nofollow">https://www.reuters.com/business/autos-transportation/would-...</a><p>Perhaps Musk feels like so publicly aligning himself with a customer base that has not been traditionally receptive will lead to sales growth, but I am skeptical. Perhaps he sees a first mover advantage to discontinued subsidies but again I am skeptical. Democrats who love the idea of purchasing an EV and can afford to do so without the subsidy will buy from Hyundai, Ford, GM, VW or Toyota, those who can't will simply buy a gas powered car.
Meh. According to that chart it's just one of many. Volkswagen shipped rougly 10x Tesla in 2023, and many other manufacturers ship into that market too.<p>A Tesla problem is not a cause for worry except for shareholders, and it's had an insane p/e ratio for a long time.