Bank of America Merrill Lynch see the increasing competition hurting Tesla's market share.
"That dominance Tesla's had in the EV market, particularly in the U.S., is done," Murphy said at an Automotive Press Association event here. "It's going to shift wildly in the opposite direction in the next four years."

This year's "Car Wars" study predicts that roughly 60 percent of new nameplates by the 2026 model year will either be EV or hybrid. Murphy said Thursday he expects EV sales to rise to at least 10 percent of the U.S. sales market by that period, although there's room for greater growth.

Murphy said Tesla is not expanding its portfolio quickly enough to keep up with both incumbent automakers and new startups that are ramping up their own electric portfolios."