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Tesla misplaced market share to the Ford Mustang Mach-E

Ford's Mustang Mach-E has taken a significant share of the electric vehicle market from Tesla.

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This story originally appeared on ValueWalk

Tesla is apparently losing market share to Ford's Mustang Mach-E, despite total electric vehicle sales up nearly 40%. Morgan Stanley released its February U.S. auto sales report, finding that Tesla's overall share of the battery electric vehicle market has declined significantly year over year.

Tesla loses market share to Ford

Tesla continued to hold the majority of the EV market, but Ford took a significant bite out of that stake. According to Morgan Stanley, Tesla's share of the BEV market fell from 81% in the previous year to 69% in February. The Ford Mustang Mach-E accounted for almost all of Tesla's stock loss. Total electric vehicle sales rose nearly 40% year over year in February.

Morgan Stanley also reported that total auto industry revenue per day of sale decreased 5.4% year over year on an adjusted basis, while battery electric vehicle sales increased 34.1% year over year. Tesla's nominal sales increased roughly 5.4%, while sales of non-Tesla electric vehicles rose 104.9%.

BEV penetration in February was 2.6% compared to 1.8% in the previous year. However, the company found that EV sales were likely to make up a larger percentage of sales, as average sales prices tend to be higher.

Morgan Stanley estimated that Tesla sold about 21,550 vehicles in the US, while non-Tesla automakers sold about 9,527 electric cars. The non-Tesla automakers in this group include BMW, Audi, Jaguar, Porsche, Mercedes, Fiat, Chevrolet, Kia, Volkswagen, Volvo, Nissan, Hyundai, Mini Cooper, Honda, and Ford. The company estimates that Tesla does the other automakers exceeded 2.3 times in the last month.

Some caveats about the numbers

Electrek notes that Morgan Stanley's report has some reservations. Tesla doesn't provide as detailed a breakdown as other automakers, and all states don't provide registration data. As a result, Tesla's U.S. sales are estimates rather than actual sales.

In addition, the automaker assigns its production to global markets differently than other automakers. Tesla sales vary widely from month to month as vehicles move from its Fremont, California plant to other markets.

In addition, production of the Model S and Model X ceased last month due to the update, while production of the Model 3 slowed due to a lack of parts.

The entrepreneur index

Tesla and Ford are both included in the Entrepreneur Index, which tracks 60 of the largest publicly traded companies managed by their founders or their founder's families. Elon Musk, CEO of Tesla, co-founded the company and now serves as CEO. He fought against Jeff Bezos, CEO of Amazon, another Entrepreneur Index company, for the title of richest person in the world.

At Ford, William Clay Ford Jr. serves as Executive Chairman, while Edsel B. Ford II serves on the Board of Directors.

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