Tesla began seeing its U.S. market share fall in 2023 amid increased competition from traditional automakers and new startups like Rivian. After peaking well above 50% of the U.S.

In one sign that Tesla appears to be losing ground to cut-price Chinese brands, sales at China’s SAIC zoomed up 54% in April, according to the ACEA figures. SAIC owns a slew of auto brands including U.K.-based MG, known for its low-cost EV models.