Tesla's Competitors in the Electric Vehicle (EV) Market
A range of EV startups
are trying to touch the success of Tesla, Inc. But are these the main threats of Tesla?
Tesla is making a lot of headlines and continues to achieve a lot of success in the stock markets. It is probably going to join the S&P 500 next month and it's market cap
today (Nov. 24, 2020) is over 500 Billion dollar, more than Toyota Motor Corp., Volkswagen AG, General Motors Co. and Ford Motor Co. combined. No wonder investors and car companies around the globe are pouring resources, money and manpower trying to catch up.
Recent articles by WSJ and CNN talk about Electric Vehicle start-ups
like Nikola, Rivian, Fisker, Byton, Faraday Future, Lucid, and Lordstown as well as Chinese EV startups NIO, XPeng Inc, Li Auto and WM Motor. Some of these are already further than others as a company, in their venture funding
and in product development
. Not all of them are aiming for the passenger sedan market, despite Tesla's immense success with the Models S and 3. Some rather opt to manufacture trucks or various futuristic crossovers vehicles.
⇨ Do you think that these startups pose important strategic threats to Tesla?