P&A Providers & Administrators
MenuMENU
SearchSEARCH

Tesla’s EV Share to Drop, Says BofA

US market leader to lose dominance to legacy carmakers, bank predicts.

June 15, 2023
Tesla’s EV Share to Drop, Says BofA

Tesla peaked with 78% of the U.S. market in 2018.

IMAGE: Pexels/Pixabay

1 min to read


The U.S. electric-vehicle manufacturing leader’s market share will fall to less than 20% in the next three years, according to a Bank of America estimate reported by CNBC.

The country’s second-largest bank said Tesla will be overtaken by legacy automakers, which are gunning for at least mostly electric lineups by next decade as they scale up production.

Ad Loading...

Last year, Tesla commanded what BofA said was 62% of the American EV market, which is growing as the federal and many state governments incentivize EV materials sourcing, charging infrastructure development, and consumer adoption. The EV maker peaked with 78% of the U.S. market in 2018, CNBC said. BofA now predicts its share will fall to 18% by 2026.

The Texas-based company, founded in 2003 in California, is nevertheless still influencing the sector’s development. Ford and General Motors recently sealed deals with it to use Tesla’s fast-charger network—the largest in the U.S.—and both will adopt its charging port starting with their 2025 models, a sign that it’s poised to become the industry standard.

LEARN MORE: GM Joins Ford in Tesla EV Charger Deal

 

Originally posted on Auto Dealer Today

More Industry

Orange electric vehicle charging station.
Industry•by Lauren Lawrence•October 20, 2026

Charger Network Growth Slows

Despite a projected increase in public EV chargers in 2026, charging infrastructure remains a top concern for consumers as the gap between the most and least EV-friendly places remains substantial.

Read More →
Fan of $100 bills atop a white envelope
Industry•by Hannah Mitchell•October 13, 2026

Lenders, Consumers Take on More Auto Loan Risk

September records loosened credit access the most in over a decade as buyers took advantage of the conditions to afford trading, though loan applications fell.

Read More →
Red type R Honda civic parked on road.
Industry•by Lauren Lawrence•October 13, 2026

Next-Gen Hybrids in Sight

Dealerships can expect to see revamped hybrids from Honda next year as the company rolls out a new system and model lineup.

Read More →
Ad Loading...
Dodge ram emblem on orange vehicle exterior
Industry•by Hannah Mitchell•October 6, 2026

Gem State Stores Change Hands

A larger auto group founded in the industry’s early years sold two franchises to a neighbor group that's on a growth spurt.

Read More →
Graphic of model car driving on fake road.
Industry•by Lauren Lawrence•October 6, 2026

Charging In Motion

Honda has been researching wireless in-motion charging for electric vehicles since 2025, and new technology developments have put it a step closer to a final product.

Read More →
front grill of a Ford truck with blue Ford emblem
Industry•by Lauren Lawrence•September 30, 2026

Twin Cities Stores Sell

Minnesota-based Walser Automotive Group made what it called the most significant acquisition in its history with a three-rooftop deal in Minneapolis.

Read More →
Ad Loading...
Diesel engine on a production line in a factory
Industry•by Hannah Mitchell•September 29, 2026

U.S. Auto Sales Still Below Prepandemic Levels

Mobility Global industry observers don’t expect the market to return to the higher volumes that became routine before Covid but to stay well below its potential.

Read More →
Front of red tesla car.
Industry•by Lauren Lawrence•September 22, 2026

The Powertrain Shift

Electric-vehicle owners are backpedaling, according to new data, with product availability driving many to shift back to gas-powered engines.

Read More →
White BMW SUV driving on road.
Industry•by Hannah Mitchell•September 15, 2026

Achromatic Autos

The shades that dominate the U.S. car market don’t call attention to themselves, though grayscale may have plateaued after a 30-year upswing, research shows.

Read More →
Ad Loading...
Line of eclipse SUVs in parking lot.
Industry•by Lauren Lawrence•September 15, 2026

Used-Vehicle Affordability Worsens

Listing prices in August defied seasonal trends, rising above $27,000 for the second time this year.

Read More →