AsianFin -- Tesla’s (TSLA) U.S. market share slid to its lowest level in nearly eight years in August, as consumers increasingly opted for electric vehicles from competing automakers, according to data from Cox Automotive shared exclusively with Reuters.

The sharp decline underscores the mounting pressure facing CEO Elon Musk’s company, which is relying on an aging lineup while rivals flood the market with newer models and aggressive incentives.

Tesla accounted for just 38% of total EV sales in the U.S. last month, Cox Automotive said. That’s the first time Tesla’s share has dipped below the 40% threshold since October 2017, when the company was still ramping up production of its Model 3, its first mass-market vehicle.

At its peak, Tesla commanded more than 80% of the U.S. EV market, giving it a dominant early lead in the transition to electrification. But as legacy automakers such as Ford, General Motors, Hyundai, and Volkswagen expand their offerings and slash prices, Tesla’s hold has eroded steadily.