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Competition Heats Up For Tesla In EV Market 2022

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Globally, there are approximately 1.2 to 1.3 billion cars on the road, which includes about 60 million electric vehicles. 

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Tesla is clearly the pioneer in the design, manufacturing, and sale of electric vehicles. 

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Tesla sold its first EV, the Roadster, in 2008. In the early days, the cost to purchase an EV was prohibitive for the general public. 

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However, with improvements in technology, lower-priced models have been introduced and the barrier to entry is considerably lower 

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Tesla leads all others, selling slightly over 936,000 units in 2021. This gave the company a market share of nearly 14%. 

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Several governments have offered incentives for buyers of EVs. These incentives included, among others, tax credits and lower interest rates on EV loans.  

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