How is Tesla Motors Changing the Rules of the Automotive Industry?
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Tesla Motors has made it a goal to develop electric vehicles that can compete against gasoline-powered cars. The company operates in Asia, Europe and North America. Vehicle charging is provided by Tesla to customers free of charge.
In 2014, revenue was $3.1 billion, but operating loss was $186.7 million. The company employed 10,161 people at its Palo Alto, CA, headquarters at that time. To learn more about Tesla, consult MarketLine’s report Tesla Motors Inc. and Frost & Sullivan’s report Overview of Tesla Motors’ Operations.
Globally, the hybrid electric vehicle market is forecasted to be worth $100 billion by 2020. The company with the largest market share is Toyota followed by Tesla, Mitsubishi, Renault and Nissan. For more information on this market and its top players, visit Renub Research’s report Global Electric Vehicles Market & Volume.
Earlier this year, Tesla announced that it has a Model 4 in the works. The car will be less expensive than the $35,000 Model 3.
Tesla CEO Elon Musk told attendees of the Future Transport Solutions conference, “There will be future cars that are even more affordable down the road. But with something like the Model 3, it’s designed such that roughly half of people will be able to afford the car. Then, with fourth generation and smaller cars and whatnot, we’ll ultimately be in the position where everyone will be able to afford the car.”
Although Musk did not mention a specific price, Motley Fool estimates an affordable price would put it in the $20,000 range.
By 2024, the market is expected to reach $178.9 billion. What was once the kiss of death for automakers – electric cars and fuel cell hybrids – is now becoming the must-have technology.
In 2017, four new or updated electric vehicles will enter the U.S. market: the Chevrolet Bolt EV retailing for $37,500, the Hyundai Ioniq Electric, the BMW i3, and the Ford Focus Electric.
All four will have a range greater than 100 miles per charge while the Bolt will have a range of greater than 200 miles. The Bolt will be the first mass produced electric vehicle with a range that high as well as the first to be sold under $40,000.
The base price of the Ioniq, i3 and Focus is yet to be announced. It remains to be seen whether these new models will attract buyers. Currently, only three vehicles, the Tesla Model S, the Nissan LEAF and the BMW i3, have sold more than 10,000 models since 2010, according to Christian Science Monitor.
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