Tesla Inc. is a multinational electric motor vehicle company found in 2003 by Elon Musk. Tesla generally produces electric cars as a means to reduce the pollution caused by the fuel based vehicles which are being used majorly worldwide for transportation.Tesla is researching on electric technology to provide people with fully- electric cars in the future. It is because the fossil fuels are also decreasing in the amount which means humans have to find a new resource for fuelling the vehicles which can be electricity. As of 2018, Tesla Motors has launched 3 mid-sized and full-sized, all-electric cars namely, Model S, Model X, and Model 3.
All of the three cars are fully-electric and uses electricity as a medium of fuel. They can be charged using charging cables as charge stations. While the Model S is available in full-size variant whereas, Model X and Model 2 are only available in the mid-size variant. The base price for these electric cars ranges between $70,000- $150,000 depending on the model.
Major competitors for Tesla in electric cars supply are Ford Motors, General Motors, Honda Motor Company, Toyota Motor Corporation, Navister, and Oshkosh. These conglomerate companies are also entering into the electric car manufacturing technology. Because everybody knows that electric cars are future.
Tesla has been in profit from day one of its first electric car launch, company made $2.1 billion of revenue in the year 2013. As of 2018, the company has reported market capitalization of approximately $50 billion.
But one of the uprising competitors for Tesla is a recently launched Chinese startup called NIO in 2013. This startup is supported by various tech giants like Baidu and Tencent and US-based venture capital firm Sequoia Capital.
Recently, NIO has launched its latest SUV electric model named ES8. It is a 7-seater fully-electric car within $70,000 price. The main reason it is a competitor is that the price of the car is nearly half the price of the Tesla electric car. The car has an artificial intelligence installed in it and company claims that it can be charged within 3 minutes. The NIO has targeted the car for middle-class consumer section and the price of the ES8 won’t break the bank of the middle-class people.
China is the fast-growing electric vehicle competitor for Tesla because they adapt to changes faster than other people on the globe. Chinese are ahead of most of the countries in every aspect whether it is nuclear, financial or technological development industry.
Recently Jaguar has launched its first fully-electric performance SUV named I-Pace which is greater in design as well as the specification somehow resembles the Teals electric cars launched in 2017. Jaguar claimed to provide 0-60mph of speed in just 4.5 seconds in its electric car variant. One full charge of the car can provide a range of 298 miles approximately.
On the other hand, various other companies have launched their budget-friendly electric cars like Renault Zoe which has been ranked best in the budget, BMW i3 with its innovative design, Volkswagen e-Golf as a best electric family car and Nissan Leaf which is the first car people considered that electric cars are something.
Let’s see, who will become the major supplier of the electric cars in the upcoming future when it will only be electric cars all around.