After years of dominance in the booming electric vehicle (EV) market, Tesla’s competition is gaining ground. Legacy U.S. automakers are taking market share from the EV giant in North America, and the Chinese firm BYD is now the world’s top EV seller globally. But Elon Musk and company are fighting back, and they may have just started “a major EV price war” in the process, according to Wedbush tech analyst Dan Ives.
Tesla slashed the prices of some of its most popular vehicles by up to 20% in mid-January, leading Ford to respond with 6% to 8% price cuts on its all-electric Mustang Mach-E this week. Ives, who has long been a Tesla bull, believes that Tesla’s price cuts will force other EV makers into “similar moves” in a scramble to gain market share in February.
