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On September 8, data released by research firm Cox Automotive revealed that Tesla's market share in the U.S. plummeted to its lowest level in almost eight years during August. This decline is attributed to consumers' growing preference for electric vehicles (EVs) from a wider array of competitors, overshadowing Tesla's relatively dated product lineup. This shift underscores the mounting threat posed by other automakers, who are ramping up their EV incentives to capture market share.
Analysts anticipate that the upward trajectory of U.S. EV sales will persist into September. However, they caution that sales growth is likely to wane following the expiration of federal tax credit policies at the end of the month. This policy shift is expected to exert financial pressure on both Tesla and other automakers operating in the U.S. market.
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