Does Tesla still control the electric car market?
POSTED February 17, 2023
Tesla, the car company, had massive success in electric cars in 2021 as they took the electric car market by storm. After this total dominance of the market, other car companies started to announce they were going electric in 2022 Volkswagen was one of the first to announce that they were going all-electric in 2022. CNN says, “Volkswagen isn’t alone. Established carmakers around the world are ripping up their business models in the hope of adapting to a new world in which electricity replaces gasoline and diesel.” With all of this, what company did people choose to buy electric cars from? Well according to Forbs, “There are a couple of things in Tesla’s favor, though. One is that Tesla’s competitors are still racing to catch up. There just aren’t enough alternatives to meet demand if a substantial fraction of potential Tesla customers decides to look elsewhere.” The only issue with Telsa right now is musks actions in his newly bought business Twitter. According to Forbes, “Musk’s Twitter controversies have undoubtedly been a factor in this year’s share price decline for Tesla. Year-to-date, shares have fallen by 62.5% compared to before Twitter their share price was only going down by 33.4%.”
What other cars can compete with tesla currently?
Investopedia quotes, “Ford, General Motors, Nissan, Nio, and Honda are some of Tesla’s main competitors.” The main thing about those companies that are different than Tesla is that Tesla’s main focus right now is electric cars. The other car companies on top of trying to compete with gas cars are making an effort to compete in the electric vehicle industry. Most car manufacturers have hybrid vehicles, which are gas and electric. Investopedia says, “ Competitors continue to ramp up manufacturing and sales efforts, and with good reason. Fortune Business Insights estimated an annual growth rate of 24.3% for the worldwide electric vehicle industry, from $287.36 billion in 2021 to over $1.3 trillion in 2028.” In 2023, Tesla still does control the electric car market, but in the future other car, companies might be able to compete with Tesla in this market.
https://www.cnn.com/interactive/2019/08/business/electric-cars-audi-volkswagen-tesla/
https://www.investopedia.com/ask/answers/120314/who-are-teslas-tsla-main-competitors.asp
