Tesla's Rivals Are Quickly Gaining Ground in the Non-Luxury EV Market, and Not Just

Tesla might have 65% of the total EV market share, according to S&P Global, but in the sub-$50,000 threshold, it doesn't hold a candle to the likes of Hyundai, Kia, or Chevrolet. And while Elon's car manufacturing company did pioneer the "affordable" EV with the Model 3, now it has to face the challenges from the non-luxury market.
Tesla's Rivals Are Quickly Gaining Ground on the Non-Luxury EV Market and Not Only There 8 photos
Photo: teslarati YouTube channel
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If you were to order a basic Tesla Model 3 today, it would cost you $48,440. The Performance package starts from $64,440, and you can't order the Long Range edition in the United States until 2023. A basic Model Y is $67,440, a standard trim Model S goes for $106,440, and the no-fancy edition Model X is $122,440.

Over on the blue oval camp, a bare minimum spec Ford Mustang Mach-E is $48,195. This would go head-to-head with the Model 3 in the same price range. However, if you were to look at the Hyundai camp, you'll see that the 2023 model Ioniq 5 starts from $42,745. Already, there's quite a difference between this one and the Ioniq 5. For the difference in price, you could even opt for the higher tier trims and get more "bang for your buck," as they say.

Furthermore, the 2023 Chevy Bolt's net price for the standard edition is $26,595. Now, we're not comparing the technology and performance between a Model 3 and a Chevy Bolt, because that's not the purpose. But at the end of the day, what modest-income families will see is the price. And while probably everyone with the American Dream in mind would love to own a Tesla, it's out of reach for many households. This is where the non-luxury EVs come in to satisfy the demand.

Moreso, this is the main reason why sources say Tesla's hold on the market will be challenged as time passes, and people are becoming more and more interested in electric cars. However, the sub-$50,000 price range isn't the only place that Tesla has to worry about. Because the more luxury EVs appear, the more they'll take a bite out of the market share.

And it's no joke with new EV models from the likes of Rivian, Lucid, BMW, Polestar, Mercedes-Benz, or even Ford with the F-150 Lightning, GMC with the Hummer, and Chevy with the Silverado EV. Although, these last three might compete more with the Cybertruck, than any other Tesla model.
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About the author: Codrin Spiridon
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Codrin just loves American classics, from the 1940s and ‘50s, all the way to the muscle cars of the '60s and '70s. In his perfect world, we'll still see Hudsons and Road Runners roaming the streets for years to come (even in EV form, if that's what it takes to keep the aesthetic alive).
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