Bank of America’s annual study predicts General Motors and Ford Motor Company will be able to outpace Tesla’s electric vehicle sales by 2025.
John Murphy, the automotive analyst who led the research, said Tesla’s more than 70 percent market share in electric vehicles (EV) could fall to close to 11 percent in the next three years, due to increased competition from both incumbents and newcomers.
Meanwhile, General Motors and Ford Motor Company are expected to approach 15 percent this year with a number of new electric vehicle or EV offerings.
“Tesla doesn’t have a complete product portfolio, so there’s a huge opportunity for manufacturers to take the distance and catch up bit by bit,” said John Murphy, quoted by Carscoops.
From the research conducted, Ford Motor Company’s new vehicles will get a better space in the electric vehicle industry by 23.7 percent in 2023 to 2026.
Meanwhile, General Motors will be in the range of 22.4 percent, only slightly below the industry average of 23 percent.
From the results of the study obtained, Murphy also said that Tesla was moving too slowly in its expansion. He predicts this will make Tesla lagging behind in the years to come.
“Tesla isn’t taking more advantage of the free money it can get, upgrading more, opening capacity faster, growing faster, and closing doors. But it’s not moving fast enough. It’s not aware of what’s going on in the market,” said Murphy.
For information, General Motors plans to spend 35 billion US dollars on EVs and autonomous vehicles by 2025 and hopes to become the leading EV seller in the United States by mid-decade with 400,000 vehicles produced.
Meanwhile, Ford Motor Company said it would spend $50 billion on electrification by 2026. The company is expected to become the second-largest seller of electric vehicles by mid-decade.
