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Teslas are losing market share amid an overall flattening of EV demand.
Kindel Media
U.S. electric-vehicle sales grew slowly in March amid a surge in shopping as consumers raced to buy before automotive tariffs took effect, but adoption plans were flat as federal support vanishes.
EV market share rose 1% year-over-year to 9%, J.D. Power reported, but the percentage of consumers in the market for a new car who are very likely to consider an EV was flat at 23%.
The consumer data analytics provider had forecast 9% EV market share this year, or flat results, given Trump administration plans to eliminate federal tax credits and its recent pullback of funding to states for EV charger development. Sparse charger availability, especially in rural areas, is consistently cited by consumers as a major adoption obstacle.
EV demand may also be tempered by recently enacted 25% U.S. tariffs on imported vehicles, along with planned matching tariffs on some auto parts to take effect May 3.
“While trends in demand are shifting geographically, socioeconomically and among individual brands, the industry continues to evolve,” J.D. Power said in its monthly EV market report, without elaborating.
Consumers considering EVs are more likely to be among those with annual incomes exceeding $100,000 and living in the West and Northeast states, J.D. Power said.
In a sign of political polarization, those affiliated as Republican saw a three percentage point drop in likelihood of considering an EV as their next vehicle, or 20% share. Consideration among Democratic consumers was essentially flat at 30%.
In a partially politically influenced trend, U.S. EV market leader Tesla is experiencing losing market share, though it was still tops among brands under consumer consideration at 18% of those somewhat or very likely to choose an EV, down from 21% a year earlier. Just one Tesla model was among the top 10 EVs being considered, the model 3.
Tesla CEO Elon Musk has drawn outrage in some quarters due to his leadership of federal spending and staff cuts. In addition, the Texas-based EV maker has seen declining market share for two years amid rising competition and an aging lineup, J.D. Power said.
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