Tesla's (TSLA.US) market share in the electric car market in the United States has fallen to 38%, reaching a near eight-year low.

According to the Wise Finance app, data from the research company Cox Automotive shows that in August of this year, Tesla's (TSLA.US) market share in the United States' electric vehicle market dropped to its lowest level in nearly eight years. As buyers turn to more electric vehicle products launched by competitors, Tesla's relatively aging product line has seen a decline in attractiveness. Earlier data showed that Tesla once held over 80% of the market share in the U.S. electric vehicle market, but in August of this year, the company's share of total electric vehicle sales in the United States was only 38%, marking the first time since October 2017 when Tesla significantly increased production of its first mass-market model, the Model 3, that its market share has fallen below 40%.