Need a break? Play the USA TODAY Daily Crossword Puzzle. Tesla sold 516,597 units in the U.S. market in 2024, according to automotive research site Goodcarbadcar.net. Assuming at least 50% ( a conservative estimate) of those purchases were made by drivers who intended on claiming the tax incentive, that works out to around $1,937,238,50 in incentives via the federal electric vehicle tax credit. The number of drivers who opted for a Tesla largely due to federal and state incentives could be much higher than 50% of all 2024 purchases. If Tesla vehicles are no longer eligible for the tax credit in 2026, affordable competitors like the Chevrolet Equinox EV, Hyundai Ioniq 5, Ford Mustang Mach-E, and more could take a huge bite out of Tesla's market share. Tesla hit where it hurts: In the stock market Ever since Tesla CEO Musk became involved with the current administration, Tesla stock (NASDAQ:TSLA) dropped by a massive 41% from Jan. 2 to April 8. The stock has since rebounded, down only about 14% from its Jan. 2 prices, but the Tesla brand has been under relentless attack. Americans have protested Musk's contributions to the Department of Government Efficiency at Tesla dealerships. Multiple Tesla vehicles have been vandalized. Brand damage is partly to blame for a huge decline in European market sales, according to CNBC. Tesla is in dire straits now, so a complete phase-out of the federal electric vehicle tax credit could be a death blow for the company. The eccentric CEO may have once advocated for the removal of the incentive (via an X post), but the reality is that competition is only getting fiercer as Tesla's brand experiences an onslaught of damage. EVs that could dethrone Tesla Automotive research company Cox Automotive published an electric vehicle sales report for the first quarter of 2025. While Tesla still outsold most of its major competitors, three rivals stand out as brands that could dethrone the company as they allocate more resources to EV development and production. Ford sold 11,607 Mustang Mach-E small electric SUVs in Q1 2025. It sold 7,187 F-150 Lightning full-size pickup trucks. Chevrolet sold 10,329 Equinox EVs and 6,187 Blazer EVs. Hyundai sold 8,611 Ioniq 5 small electric SUVs and 3,318 Ioniq 6 electric sedans. Tesla may still be dominant, but it's far from the only game in town. Best-selling non-Tesla EVs for Q1 2025 Ford Mustang Mach-E (11,607 units) Chevrolet Equinox EV (10,329 units) Honda Prologue (9,561 units)