Tesla (TSLA) U.S. EV market share has reportedly fallen below 40% for the first time since 2017

Alternate EV options continue to grow as Tesla loses its grip on the global market.

It’s been an increasingly poor year for Tesla, as the electric vehicle company has continued to see its EV market share slip while competitors grow. This week marks a new unfortunate milestone, as Tesla’s EV market share has now dropped to its lowest number since 2017.

A new Reuters report reveals that Tesla accounted for 38 percent of EV sales in August in the United States, marking the first time the company’s EV sales were below 40% since 2017. Tesla’s competition has gained momentum by releasing newer, affordable vehicles. Tesla, on the other hand, has repeatedly delayed new vehicles, with recent showcase events focused on the Robotaxi and other efforts.

Tesla’s declining business hasn’t been an issue exclusive to North America. Last month, we saw Tesla post low sales in Europe as rival BYD gained steam. It’s been a confluence of factors causing problems for Tesla, including CEO Elon Musk’s controversial political activity.

Despite the turbulent period for Tesla, the EV maker seems fully in on Elon Musk as its leader for the foreseeable future. The CEO was awarded $29 billion in shares last month, and a recently proposed plan would grant Musk more voting power at the company and a total of $975 billion in additional Tesla (TSLA) shares.