Citi: Tesla (TSLA) Still Dominating U.S. EV Sector

By Amit Chowdhry ● Mar 10, 2022
  • Citi analyst Itay Michaeli recently issued a research report about Tesla (NASDAQ: TSLA). These are the details.

Citi analyst Itay Michaeli recently issued a few key takeaways from an analysis based on the latest web traffic data associated with the U.S. electric vehicle market.

Michaeli pointed out that Tesla has continued to dominate the broader EV market, despite the company’s mind-share declined to 45% from roughly 50% in recent months. However, traditional carmakers are narrowing the gap to Tesla with Hyundai and Kia doing well recently.

Specifically, Kia is doing well as it overtook General Motors for the number 2 spot within traditional carmakers with Ford still being number 1.

The EV mind-share tracker — which was developed by Citi — can be seen as a leading indicator of future EV market share as well as to gauge trends in reservations and orders.

“As compared with Rivian’s YTD web-traffic (average through Feb), we observed the following: On March 1st (date of announced price increase), Rivian’s unique web traffic climbed to 1.7x the YTD average before falling to 1.2x the following day,” wrote Michaeli in a research note. “On March 3rd and 4th, when Rivian adjusted its policy for reservation holders, web traffic again climbed from 1.2x (March 3rd) to 1.4x (March 4th), though it didn’t match the initial spike that occurred on March 1st. Finally, on March 5th and 6th, web traffic settled at 0.8-0.9x the YTD average.”

Fisker’s latest data shows that reservations could end the first quarter at about 35,000. But Michaeli acknowledged that there could be some near-term volatility in regressions, as historically the time-series “represented Ocean reservations vs. Ocean + PEAR now.”

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