Tesla has gone from 79% to 65% of the EV market in the pandemic. Here’s why S&P sees a fall to below 20% by 2025

(Credit: Maja Hitij—Getty Images)

Elon Musk’s Tesla dominates the electric vehicle space in the U.S. But that dominance could be set to weaken in the years ahead.

According to new research from S&P Global Mobility, more carmakers will pile into the space with lower-priced alternatives—especially with models costing less than $50,000, “where Tesla does not yet truly compete,” the firm wrote this week.