Major Automobile Manufacturer Exits Electric Vehicles Due to Tesla Dominance (2023)

With automakers announcing, creating, and delivering new models and updating existing models on the market virtually everyday, the electric car sector has experienced extraordinary growth recently.

With about 889,000 EVs supplied through June 30th, the leading firm in the sector, Tesla (TSLA) – Get Free Report, set a record for deliveries in the first half of the year. The company had already shocked the industry in the first quarter of 2023 when its Model Y sports utility vehicle overtook Toyota, which sold 256,400 Corolla units and 214,700 RAV4 vehicles globally, to become the best-selling car in the world with about 267,200 vehicles sold in the first three months of the year.

Major Automobile Manufacturer Exits Electric Vehicles Due to Tesla Dominance
Major Automobile Manufacturer Exits Electric Vehicles Due to Tesla Dominance

According to CEO Elon Musk, Tesla will re-energize the sector when it delivers its new Cybertruck pickup at the conclusion of the third quarter, most likely towards the end of September.

2022 saw the strongest sales for all-electric pickup trucks for Rivian (RIVN) – Get Free Report, which sold 20,332 of its R1T models. Ford (F) – Get Free Report’s F-150 Lightning EV placed in second with 15,617 pickups sold.

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Coming Soon: New Electric Pickup Trucks – Major Automobile Manufacturer Exits Electric Vehicles Due to Tesla Dominance

Get Free Report: General Motors (GM) The new Chevy Silverado EV truck, which Chevrolet is about to deliver, might go on sale as early as fall 2023, according to the manufacturer. Stellantis (STLA) – Get Free Report said it will enter the electric pickup market a bit later as its all-electric 2025 Ram 1500 REV, which will be constructed in the US, will be made available in the fourth quarter of 2024.

After introducing the Cybertruck to the market, it wouldn’t be shocking if Tesla soon outperformed all other manufacturers of electric trucks in terms of truck deliveries.

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