Tesla's (NASDAQ:TSLA) share of the global electric vehicle (EV) market declined to 13% in October, down from September's 17%, according to analysts at Morgan Stanley.
While the company still maintains an 18% market share overall in the global EV market for the year 2023, analysts highlighted the diverse range of vehicles contributing to this share, including smaller EVs with sub-100-mile ranges in the Chinese market.
In the U.S., Tesla's share of the EV market was 51.9% in October, compared to 55.6% year-to-date in 2023.
“More Tesla price cuts and Cybertruck may not change this trend in the near-term,” analysts said in a client note.
Tesla shares are up 1.3% today.