Tesla (NASDAQ: TSLA) has had a rough 2025. But so has the entire electric vehicle (EV) industry -- in the U.S., at least. Business Insider reports that global EV sales for 2025 through Nov. 30 (excluding December) were up by 21%, but they were down 1% in the United States.
Between tariffs and the end of the $7,500 EV tax credit, most of the incentives that were tipping the scales for American consumers in favor of EVs are gone.
The downturn in the EV market has been rough on Tesla's rivals as well. Lucid Group (NASDAQ: LCID) has seen its share price tumble by 61% over the past 12 months, and while Rivian Automotive (NASDAQ: RIVN) is up 35% over the same time frame, its growth is likely unsustainable.
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