More automobile companies shifting towards electrified models are offering severe competition to the Tesla. According to media reports, Toyota, the Japanese car manufacturer has just announced its plans to launch ten electric vehicles by 2020. Toyota’s plans to introduce electric cars might not be a big deal for Tesla, but the company is going to face real competition from Chinese electronic car manufacturer NIO.
Reports suggest that NIO has just launched its Model X car which is half the price of Tesla. The retail price of NIO’s ES8 sports utility in China is 448,000 Yuan which is almost $67,783. While retail price of Tesla’s Model X is 596,000 Yuan, which is approximately equal to $90067.
Almost all the automobile giants around the globe are making a shift to electric cars, but Tesla has a strong position of being a pioneer.
Toyota’s Plans to Go Purely Electric
Toyota is already a leading automobile brand in term of hybrid cars. It has become the latest vehicle manufacturer to announce its plans of entering the electric cars market. It seems that company is eyeing at capturing a significant market share. It has plans to sell more than 5 million electric vehicles by the end of 2030, which is half of its 2016 sales, reportedly. Conclusively, electric cars would make half of the Toyota’s sales by the end of 2030.
Automobile Manufacturers Shifting Towards Electric Cars
Apart from Toyota, other automobile manufacturers who have plans for electric cars, include Volvo, Mercedes, Jaguar Land Rover, Mazda, and Volkswagen. The new electronic vehicles from all these companies are going to be an amalgam of technology, efficiency, and environmental sustainability. With rising levels of population and global warming, countries around the globe are looking for energy alternates with low carbon footprints. In a bid to reduce the CO2 emissions, automobile giants are bringing the products which are eco-friendly along with being efficient.
Tesla’s Position after New Entrants
Tesla is inevitably facing competition from the new entrants. But being a pioneer is what gives it an edge. The company has just released its electric-powered semi-truck for auto enthusiasts. It is also introducing the concept of the luxury vehicle at the mass level. For this, it has launched its Model 3 cars. Now, the question arises, whether Tesla maintains its status as a market leader, despite new entrants like Toyota and cost-efficient Chinese alternatives or not? Well, it can depend upon how the company succeeds in reaching the untapped markets like India while keeping the quality intact.