Cox Automotive just released a "Cold Water Report" — Tesla sold 39,800 vehicles in the US in November, hitting a new low since early 2022, with a year-over-year plunge of nearly 23%.

The culprit? The policy shock in late September: the $7,500 federal tax credit vanished instantly. The entire EV industry quickly plunged into an ice age, with nationwide sales halving compared to the same period last year, a true "mass extinction scene."

But the plot took a turn — while all players were bleeding, Tesla became the biggest winner. Market share surged from 43.1% last year to 56.7%, literally snatching others’ shares. This move closely resembles a giant harvesting small fry during an economic winter: the cake got smaller, but I got a larger slice.

It seems that after the subsidy wave receded, consumers voted with their wallets — still choosing the old-timer.