Tesla shares are partially responding to the same forces that are stirring stock markets around the world: the war in Ukraine, rising interest rates, the threat of recession, chaos in the supply chain and rising inflation. But Tesla shares have fallen much more than other Silicon Valley giants such as Apple or Alphabet, the company that owns Google.

Last year, Tesla accounted for three-quarters of electric vehicles sold in the United States. The company is several years ahead of competitors in the field of battery technology and software. But two models – the Model 3 sedan and the Model Y sports wagon – accounted for 95 percent of Tesla’s sales. His next consumer car, a pickup truck, has been postponed many times and is expected no earlier than next year.

It is an axiom in the automotive industry that new models drive fuel sales. And competition from people like Hyundai, Ford and Volkswagen is growing, offering drivers far more options.

Jesse Toprak, a veteran of the automotive industry who is a chief analyst at Autonomy, which offers electric subscription cars, said Tesla’s market share will fall below 40 percent by the end of 2023, although its sales will continue to grow as the overall market grows . expanding.

“They will have a smaller share of a bigger pot,” Mr. Toprak said. “But their almost monopoly on EV sales in the US will slowly diminish.”

Tesla is already facing stiff competition in Europe, where electric cars account for 13 percent of new car sales. This portends what could happen in the United States, where sales of battery-powered cars are just beginning to soar. Volkswagen, which has invested heavily in electric vehicles, sold 56,000 battery-powered cars in Western Europe in the first three months of the year, right after Tesla sold 58,000, according to data compiled by Schmidt Automotive Research in Berlin.

Tesla’s ability to serve the European market will improve as production of a new plant near Berlin increases. In the United States and other countries, the company has benefited from fanatically loyal buyers who consider Mr. Mask far-sighted and willing to wait months or years on the company‚Äôs car.

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