“Mach-E accounted for nearly 100% of the [Tesla] share loss,” said Adam Jonas, Morgan Stanley’s auto analyst, in a note earlier this week.
Other experts said they also believe that Tesla is losing some of its share of the EV market.
“We’ve been expecting this for a while,” said Michelle Krebs, senior analyst at AutoTrader. “Tesla was the only game in town. Now it’s not. We expect that Tesla sales will increase as the market increases, but there will also be stealing of Tesla’s market share.”
A spokesman for Ford would not comment directly on Morgan Stanley’s analysis. The company did say that 70% of the Mach-E buyers were new to Ford, making the car that much more valuable to the automaker. More than 20% of Mach-E sales came in California, where Tesla is particularly popular.
Tesla is facing competition from automakers such as Porsche, BMW, Audi and Jaguar for its luxury Model S sedan and Model X SUV, along with competition from Chevrolet, Hyundai, Kia, Volkswagen, Nissan and now Ford for its lower priced Model 3 sedan and Model Y SUV.
But the Model 3 and Model Y are now the mainstay of Tesla’s sales, accounting for about 90% of its global sales in the fourth quarter.
Tesla did not respond to a request for comment on the Morgan Stanley analysis.
The aggressive targets on electric vehicles are driven both by tougher environmental regulations around the world as well as the growing appetite for EVs among buyers.