If you try to condense all of these details about the Model X and the Tesla brand as a whole,
you will realize how Tesla dominates the EV market. Remember, those price cuts that affected the brand's
average resale value didn't just affect Tesla--they affected the entire EV industry as a whole.
On top of the rapid evolution of EVs, as well as the long-term battery replacement concerns, Tesla's price cuts affect how the market perceives EVs from other brands.
According to Cox Automotive, Tesla's share of the EV market in the U.S. continues to slide, now at 51.3 percent from 61.7 percent a year earlier.
At the same time, the EV sales of nine brands experienced more than 50 percent year-on-year growth for Q1 2024, namely BMW, Cadillac, Ford, Hyundai, Kia, Lexus, Mercedes, Rivian, and Vinfast.