Teslas hold over a growing market for electric vehicles (EVs) The growing U.S. electric-vehicle market (EV) remains robust, despite a flood of new plug-in models from competitors. Much of the grassroots adoption and enthusiasm for EVs can be attributed to Tesla Motors Inc. (TSLA) and its unique business model. Tesla has indeed invented a successful business model to get attractive electric cars onto the market. Once Tesla established its brand, produced, and delivered its concept cars to market, it solidified its unique business model.
Teslas business model is built around a three-pronged approach of selling, servicing, and charging its electric vehicles. Its unique business model is part of the reason why its stock has skyrocketed since its initial public offering. Tesla has expanded its business model to include home and commercial energy storage systems. With Model S having made an enormous splash in the market as an early all-electric vehicle, Tesla is one of those companies who is been hugely disruptive.
The second best non-Tesla EV, after the Tesla trio, is the new and exciting Hyundai IONIQ 5. It is great to see that the Hyundai IONIQ 5 has jumped to #2 in non-Teslas quickly, and is climbing the scale.
That means sales are on the upswing for these best-selling non-Tesla electric car models. Meanwhile, other companies, such as General Motors, are coming out with an array of EVs in just about every segment, including pickup trucks, SUVs, crossovers, and luxury models.
Buffett-backed BYD Motors, an EV manufacturer, is now the biggest electric car seller in the world, beating out the likes of Elon Musks company. The Chinese carmaker, founded in 2003, has sold a total of 76,607 vehicles, surpassing Tesla, which has held the top spot for years when it comes to selling electric vehicles. Tesla was the first to invest in mass-production Tesla electric vehicles — giving it a huge head start, with over 70% of all U.S. electric cars being produced by the Texas-based now-automaker. Speaking of Texas, Tesla is still investing heavily in U.S. manufacturing with the Texas Gigafactory in Austin, which is expected to help accelerate deliveries of the Model Y across the U.S. and expand its lead with the electric SUV.
GM is expected this year to be the first carmaker, behind Tesla, to mass-produce lithium-ion batteries for electric vehicles in the United States, giving GM yet another edge for agilely scaling EVs. Last year, GM said it plans to invest $30 billion into EVs through 2025, including retrofitting existing plants, building U.S. battery plants, and rolling out 30 EV models worldwide, like GMCs Hummer EV. The company expected that GM would become the first automaker from Detroit to surpass Tesla in sales of electric vehicles, partly due to the size and GMs Ultium platform.
Success means the German-based, more established carmaker will outsell competitors, including Tesla, in EV sales and push back against emerging competitors in China and Silicon Valley; failure may mark the start of the end for a company that employs 665,000 people and generates $265 billion a year. If it is possible to win over the hearts and minds of the hardcore speed nuts, then Audias problem is how to get the edge on Tesla, which has become synonymous with electric cars and is competing for the same luxury customers that Germanyas most successful carmaker does. The massive amount of investment VW is pouring into the effort, according to forecasts from LMC Automotive, will help it sell over 1.4 million electric cars annually through 2025, a higher volume than any other carmaker, and over triple the sales that Tesla is expected to generate.
Teslaas aim is to make electric cars that are premium, or accessible for the daily commuter. In 2008, Tesla Motors released their first vehicle, a fully electric Roadster. Tesla brought the worlds first high-performance, all-electric luxury sports car, the Tesla Roadster.
In 2012, Tesla discontinued the first vehicle in order to focus on their new Model S sedan, which was well received by auto critics due to its performance, and developed their new model, the Model 3. In January 2012, Tesla stopped producing their first model car, and the company launched its Model S sedan in June. The move included working on competing with Tesla, who promised to provide the first affordable, mass-market electric car. By the beginning of 2019, Teslas Model 3 had become the best-selling plug-in electric vehicle worldwide.
As of March 2020, the Tesla Model 3 is the best-selling electric car worldwide, with worldwide sales from its introduction reaching over 810,000 units by December 2020. Tesla is the worlds top selling plug-in electric and battery-electric passenger car manufacturer, with 16 percent of the plug-in segment market share and 23 percent of the battery-electric segment sales through 2020. Tesla sold over 220,000 electric cars in 2018, according to consulting firm LMC Automotive, about 70,000 more than Teslas closest rival, Chinese state-owned BAIC Group.
Combining stylish designs with innovative features, the latest models from Tesla, Model Y and Model 3, offer sleek, aerodynamic rides that distinguish them from gasoline-powered cars and EVs alike. The Tesla Roadster is designed to be the fastest electric vehicle on the road, and it has announced some impressive numbers thus far, achieving 0-60mph in just 1.9 seconds, with top speeds over 250 miles per hour. Teslas latest model is the sporty Roadster, which features superchargers, which the company claims is the fastest car in the world, with 0-60mph times as low as 1.9 seconds.