Tesla CEO Elon Musk gets into a Tesla car as he leaves a hotel in Beijing, China on May 31, 2023.

Tingshu Wang | Reuters

Tesla Electric vehicle market share in the United States will drop to 18% by 2026, Bank of America analysts estimated in a note on Tuesday.

That would be a significant drop from the 62% market share that BofA reported Tesla had in 2022 and even below its peak of 78% market share in 2018.

It is expected that such a transformation as the current automakers stronghold And general motors It is expected to increase its share of the electric vehicle market in the United States, according to BofA. Analysts expect Ford and GM, which hold 8% and 5% of the market share respectively in 2022, to grow to 14% of the market each by 2026.

Generally in that period, the division of electric vehicle market share in the United States between established companies and new entrants, such as Tesla, will shift from a 35%/65% division to a 70%/30% division, respectively.

Tesla did not immediately respond to a request for comment.

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