For EVs to succeed, Tesla’s market share must fall

Consumers demand choice and traditional manufacturers have started to provide it

Tesla has for years enjoyed the pure-play status sought by investors in the global market for electric vehicles (EVs). Co-founder Elon Musk’s timing could not have been more providential and his company gained early dominance when plug-ins were still an emerging niche. EVs spent many years below 1pc of the total market globally, as is quite normal in technology adoption. But something notable happened in Europe last year: as EV sales soared, Tesla’s market share fell. That is actually good news. You see, while investors want pure-play exposure, consumers want variety. If your aim is to get the EV rollout moving as quickly as possible, you want to see a flowering of consumer choice in model s