Tesla EVs are the only ones getting success in the US, says Mazda CEO

Masahiro Moro, CEO of Mazda said that Tesla is the only car maker in the US seeing success in selling EVs the US despite a slowing market demand.

The Mazda chief told Fortune that consumers are still not into electric vehicles and car makers failing to ship new EVs.

EVs in the US were 6% last year and this year it increased to 8%. Which, 57% market share is owned by Tesla, said Moro.

“Other EVs are not taking off, inventory is piling up” He added.

Source – Tesla

Despite reducing prices multiple times, Tesla continues to retain the first spot in consumer demand for a new EV with its vast offering of electric vehicles.

Industry analyst believes that the industry would still need about a decade in order to compete against Tesla in the field of EVs.

The EV industry is slowly turning into a decline and car makers are also cutting operations around EVs to stay away from any unnecessary spending.

For example, Ford has postponed a $12 billion investment plan in electric manufacturing. Meanwhile, General Motors has abandoned plans to build 500,000 EVs by the first half of 2024.

Despite all of the slowdowns and headwinds, sales of EVs continue to increase and 1 million electric vehicles could be completed by this year for the first time.