Tesla (TSLA) still has a solid lead in the global EV market share, according to a Morgan Stanley report. Tesla stock fell following better-than-expected earnings.
The July 27 note shows Tesla has sold 382,831 vehicles year to date and has a 21% market share. No. 2 General Motors (GM) has 12% market share with sales reaching 221,486 so far this year. Volkswagen (VWAGY) takes third place with 10% battery-electric-vehicle market share and 183,197 vehicles sold.
Tesla’s share of the global BEV market in the month of June rose to 26% from 19% the month before.
Global BEV sales, excluding hybrids and plug-ins, reached 415,688, up 142% year over year, and up 31% vs May’s 316,634. So while Tesla is still the clear market leader, its growth is slower than the overall BEV market, as other carmakers ramp up their EV rollouts.
Tesla sold the most BEVs in June with 106,000 sales, outselling both VW and GM together. VW, the leader in Europe, sold 46,000 EVs worldwide and GM sold 35,000. However, excluding the Wuling HongGuang Mini BEV, which is sold in China and priced at just $5,000, GM sold only about 5,550 BEV vehicles globally.
But GM’s big push into EVs outside the Mini starts late this year with the Hummer and EV Transit.
Meanwhile, Ford (F) sold 5,971 units of the Mustang Mach E globally in June. It was the 3rd highest selling BEV model in the U.S., behind Tesla’s Model Y and Model 3.
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Tesla stock fell 2% to close at 644.78 on the stock market today. MarketSmith chart analysis shows Tesla stock has undercut its 200-day line and is trying to find support at its 50-day.
Shares gave back early gains following a strong earnings report late Monday. Tesla earnings surged 230% to $1.45, easily beating FactSet forecasts for 94 cents, as revenue nearly doubled to $11.96 billion, above estimates for $11.53 billion.
But Tesla pushed back Semi production, its heavy-duty electric truck, again, this time to 2022. The Cybertruck pickup also likely won’t come until 2022. Reports and chatter over the prior week suggested Tesla would begin producing both later this year.
Tesla’s relative strength line is trending lower, though not below its 2021 lows set in mid-May. The former Leaderboard stock’s RS Rating is a 77 out of a possible 99. Its EPS Rating is 73.
GM stock fell 1.5% and is trading below its 50-day line. Ford stock, down 1.6%, is in a consolidation with a 16.45 buy point. And VWAGY dipped 0.5%.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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