Tesla losing EV market share to sub-$50,000 rivals

Bill Stephens, general manager, Norm Reeves Hyundai, IONIQ 5 first customer Yaron Alfi, and Randy Parker, senior vice president, national sales, Hyundai Motor America, at Norm Reeves Hyundai in Cerritos, Calif. on Wednesday 15 Dec. 2021. (Photo\/Hyundai) — Hyundai's highly acclaimed Ioniq 5 compact crossover went on sale late last year. (RYAN MILLER\/CAPTURE IMAGING)

November 29, 2022 09:01 PM

Tesla Inc. CEO Elon Musk conceived the automaker's breakthrough Model 3 sedan as a people's car, an electric vehicle affordable to the masses. But the EV maker is now giving up market share to rivals undercutting Tesla on price.

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