The competition among electric vehicle manufacturers has intensified, with Tesla (TSLA.US) falling below 50% for the first time in the US market.

Tesla (TSLA.US) has fallen below 50% for the first time in its share of US electric vehicle sales as the overall US electric vehicle sales hit an all-time high, as its stock price continues to rise for the fourth straight trading day.

A second-quarter electric vehicle sales report from Kelley Blue Book showed Tesla’s US sales fell 6.3% while overall electric vehicle sales hit an all-time high.

“Intensified competition has led to persistent pricing pressure, which has helped to slowly drive the penetration of electric vehicles,” said Stephenie Valdez Streaty, director of equity research at Cox Automotive.

Intensified competition in the electric vehicle space

According to Kelley Blue Book, General Motors (GM.US), Ford (F.US), Hyundai and Kia’s electric vehicle sales in the second quarter totaled 33,046 vehicles, up 11.3% from a year ago. During the quarter, electric vehicles accounted for 8% of total US sales, up from 7.1% in the first quarter and 7.2% a year ago.

Total sales were weighed down by a decline in the sales of some European luxury automakers, including Mercedes-Benz, Polestar, Porsche and Volvo, according to Kelley Blue Book.

“Tesla’s sales continue to decline, and its share of electric vehicle sales fell below 50% for the first time, further intensifying the competitive landscape in the electric vehicle space,” Ms. Valdez Streaty said.

Tesla’s stock price extends its rally

Last week, Tesla’s second-quarter delivery data beat expectations, propelling a rally in Tesla’s stock price that has returned to gains this year, and the stock rebound has started.

An expected update on Tesla’s progress with its autonomous taxi service, Robotaxi, is expected to be announced in early August, which could be another positive catalyst for the stock price rebound.

Tesla’s stock rose 3.7% to close at $262.33, making it the best-performing stock on the Nasdaq Composite Index and one of the best-performing stocks in the S&P 500 Index. The stock has gained 44% in the 10-day streak.