Once upon a time, Tesla (TSLA) was the “golden goose” in the electric vehicle industry. But that time has come and gone. And now, it is time to look for EV stocks to buy to steal Tesla’s crown in the EV Race. 

Yesterday, Tesla stock dropped more than 8% to fresh 24-month lows. The stock is now down almost 70% over the past year. Shareholders are looking for someone to blame, and CEO Elon Musk is in their crosshairs. 

But that’s not why Tesla stock has crashed. 

Sure, Elon’s antics over at Twitter aren’t helping things. But Tesla stock was crashing well before Elon ever took over the social media company. It made things worse – but it didn’t start the crash. 

Instead, what sparked Tesla’s demise is something much more fundamental: market share erosion. 

In the early 2010s, Tesla burst onto the scene as the first major pure EV maker. By the middle of the decade, the company commanded about 10% of the global EV market. Then, it had its big break in 2019 and 2020, when Tesla managed to successfully ramp production of its affordable Model 3 EV. During those two years, Tesla nearly doubled its global EV market share to over 18%. 

But Tesla hasn’t had a major “hit” or new launch since then. And at the same time, new EV competition has entered the fold. 

The result? Tesla’s market share has rapidly eroded in 2021 and ‘22. As of June 2022 – the latest data available, per BloombergNEF – Tesla’s global EV market share stood at just…