Tesla (TSLA) has had quite a turbulent year with CEO Elon Musk making controversial statements, recalling millions of EVs, and dealing with labor strikes abroad. The automaker may continue to see turbulence as its Model 3 Rea-Wheel Drive and Model 3 Long Range will lose previously held tax incentives for the vehicle at the end of the year. Will Tesla be able to turn it around or will a competitor take the top position for EVs?

iSeeCars.com Executive Analyst Karl Brauer joins Yahoo Finance to discuss Tesla and how it may perform in 2024 versus its competition.

"Ford (F) is pretty well positioned right now. GM (GM) needs to be building more cars, they keep launching cars but not really building them, and then I feel like the Koreans are building some of the best EVs on the market right now, but they don't get the incentive either unless you lease," Brauer says. "I don't really see any obvious benefits for any companies. Every one of them is facing some challenges. You've got incentives issues, market issues, you've got pricing issues, macroeconomic factors slowing down the purchase of electric vehicles."

Follow along with Yahoo Finance's 2024 Investor Guide for more expert insight, or click here to watch this full episode of Yahoo Finance Live.

Video Transcript

AKIKO FUJITA: With that said, though, affordability has been a big issue in terms of adoption. Tesla, a lot more affordable with that $7,500 tax credit. We just showed the market share. 56.5% is what Tesla has right now.

How does that shift without those incentives? Who do you think is likely to become a bigger player in 2024?

KARL BRAUER: I think Ford is pretty well positioned right now. GM needs to be building more cars. They keep launching cars but not really building them. And then I feel like the Koreans are building some of the best EVs on the market right now. But they don't get the incentive either unless you lease.

So it's actually-- I don't really see any obvious benefits for any companies. Every one of them is facing some challenges. You've got incentives issues. You've got market issues. You've got pricing issues, macroeconomic factors that are slowing down the purchase of electric vehicles.

I don't know. It's hard for me to think who would jump into any vacuum created by Tesla. But I would argue that we've seen Tesla's share. You're saying it's about 56%. They're down about half the market.

And of course, they were the overwhelmingly dominant player just a few years ago. Every day, every month, every year, we see more cars entering this marketplace, making them less dominant.