Tesla Inc. CEO Elon Musk conceived the automaker’s breakthrough Model 3 sedan as a people’s car, an electric vehicle affordable to the masses. But the EV maker is now giving up market share to rivals undercutting Tesla on price.
With the base Model 3 now starting at nearly $50,000 and the popular Model Y crossover above $65,000, Tesla is losing share to competitors that can deliver under the $50,000 level, S&P Global Mobility said in a report Tuesday.
Those fresh rivals include electric crossovers such as the Ford Mustang Mach-E and Hyundai Ioniq 5. Smaller hatchbacks with several years on the market, such as the Chevrolet Bolt and Nissan Leaf, start below $30,000.
Read Article