German automakers have strong EV pipeline resulting in tough competition for Tesla Motors
Automobile companies have recognized electric vehicles segment as the next major shift in the automobile market and they are investing heavily in new models. California-based electric vehicle manufacturer Tesla’s CEO Elon Musk accelerated the switchover to electric vehicles (EVs) and Musk started nearly a decade back. But now, almost all leading automakers are launching stylish, sporty EVs to take on Tesla’s Model S, Model X and Model 3 vehicles. Tesla certainly has the first mover advantage but German automobile giants are closely watching the trends in the electric vehicles segment.
Majority of automobile companies have accepted that electric vehicles will be major part of their portfolio within 5-7 years and they have planned massive investment in electric vehicles segment. To catch up with Tesla, Jaguar has launched its I-Pace SUV which has been available for order since April 2018; while Audi is set to launch its e-tron EV in a few months.
These automakers, in comparison to Tesla, are vastly experienced in launching several new models every year for the last nearly one century; and they have broad portfolios over which they can spread the cost of EV development.
In terms of competition to Tesla, German automakers will specifically pose a stiff challenge. Volkswagen has unveiled its I.D. line of electric cars aimed at the mass market, while Mercedes’ EQ C crossover and Porsche’s Mission E are scheduled for launch in 2019.
In reference to the EV line-ups of German automakers, US vehicle retailer AutoNation’s CEO Mike Jackson said that established German automakers are “in a massive pivot and shift away from diesel investment into electrification in both pure electric and plug-in hybrid.”
Jackson further added that the EVs produced by German automakers are “far superior” to Tesla’s vehicles. Tesla has been in the news but the company has limited manufacturing capacity. Tesla CEO Elon Musk has acknowledged constraints in delivery of Tesla Model 3 and the company has missed the delivery targets during the last few quarters. Investors are closely watching Tesla and it will be important to see how Tesla can beat the competition in near future.
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