Tesla is one of the biggest electric car manufacturing companies. There is no doubt that the company has many competitors. This is all thanks to the brand CEO, who is one of the wealthiest people in the whole world in the person of Elon Musk. Yes, we entirely agree that Tesla has a lead in the electric market today. However, other brands have sprung up, hitting the market with their electric vehicles as well.
Some of them may lack capital, infrastructure, and the research to make a significant impact. Tesla, on the other hand, has grown beyond that. Tesla has already established itself, and they have all that it takes to chase any competitors away.
There are different categories of Tesla vehicles with varying tags of price and features. For example, Roadster sport vehicles have been glorified by many because of the push in the limit performance, and many consider it as the fastest vehicle ever made. Another example is the Model X, an SUV and fully electric and one of the fastest electric vehicles out there. We also have a budget Model 3 that makes Tesla reach many people out there due to its affordability.
When all this was happening, it seemed most of the US automotive industry was asleep. However, some activity seems to challenge Tesla at first, like Nikola, Lucid, and Rivian. However, to date, those vehicles have not gone into production. This, however, does not mean there are no significant competitors against Tesla in the world. So in this post, we will be looking at the top big Tesla competitors in the market today.
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1. BYD Company
The BYD Company, which has an acronym for “Build Your Dreams,” is one the fastest growing auto companies in the world today. The company has its unique headquarters in China. A building consisting of a 670-acre campus complete with schools and hotels. They dive into many products touching on almost every high-tech sector, including electronics and energy storage.
The company is now the world’s largest producer of battery-powered vehicles. The only problem is that they are only famous in China and have yet to make an impact outside their country China. Also, there are only 2% sales of electric vehicles in China because of the country’s lack of electric charging spots.
2. Volkswagen
The Volkswagen Group is a German auto industry, and the company has already made a good impact in electric vehicles production. They started off by announcing an Electric Vehicle named ID.3. This car has the slogan “electric offensive.” After the launch of these vehicles, the company said its goal is to hit tens of billions of euros by 2028 to produce as many as 70 different categories of electric cars.
Volkswagen is now 82-year-old, and it has survived many attacks and setbacks, including war, dictatorship, not to mention division and reunification of its host country.
3. Nio
Nio is a Shanghai-based automotive industry founded back in 2014. This new startup company produces premium electric vehicles. The company has gained a reputation for being unpredictable and risky as well. For one thing, we know, they have some inevitable setbacks starting with the cancellation of a proposed factory. However, their stock looks attractive with almost 5,000 vehicles, representing a 35% sales surge.
Just last year, they partnered with a technology giant Intel to produce autonomous cars. Nio may be a new startup electric manufacturing company, but we can’t rule out the fact that they are big competitors to Tesla, especially in its host country.
More Tesla Competitors
Hyundai and Kia have already started manufacturing SUVs and cross-over electric vehicles. Since the company is connected, they are taking advantage of that in making joint use of a modular E-GMP platform that can fully refill a battery in eighteen minutes. They even promise to use this same platform in many vehicles, which will also help increase the production pace, allowing the two companies to release over twenty electric-powered cars in the next five years.
We have already mentioned Volkswagen but what we fail to mention is that they are using similar tactics via the MEB platform to increase their production. The company is even aiming as high as to produce 1.5 million EVs by 2023.
When it comes to EVs, China has the biggest share globally, which is a result of its population. China does not export their EVs to the USA, but in the future, there is a big possibility that they will partner with a USA company that will make their EVs enter the USA soil. Until then, Tesla still maintains a wide lead in the USA.
Is Tesla Still Leading in EVs?
Yes, Tesla is still leading, and they have already mapped out their plan to capture the global market. Yes, their new Model 3 enters China in 2019. Most of the US manufacturers are talking about going to Evs. General Motors is planning to introduce EVs by 2023. That been said, Tesla has established itself as the brand ready to beats its competitors in the future.
This could fail by unexpected innovation in battery technology. Many companies have already started working on lithium blends and solid-state batteries. It will not be that easy for Telsa to meets these demands. But they have an edge in software development.