Tesla’s EV Share to Drop, Says BofA

The U.S. electric-vehicle manufacturing leader’s market share will fall to less than 20% in the next three years, according to a Bank of America estimate reported by CNBC.

The country’s second-largest bank said Tesla will be overtaken by legacy automakers, which are gunning for at least mostly electric lineups by next decade as they scale up production.

Last year, Tesla commanded what BofA said was 62% of the American EV market, which is growing as the federal and many state governments incentivize EV materials sourcing, charging infrastructure development, and consumer adoption. The EV maker peaked with 78% of the U.S. market in 2018, CNBC said. BofA now predicts its share will fall to 18% by 2026.

The Texas-based company, founded in 2003 in California, is nevertheless still influencing the sector’s development. Ford and General Motors recently sealed deals with it to use Tesla’s fast-charger network—the largest in the U.S.—and both will adopt its charging port starting with their 2025 models, a sign that it’s poised to become the industry standard.

LEARN MORE: GM Joins Ford in Tesla EV Charger Deal

Originally posted on Auto Dealer Today