Dusseldorf Tesla is making headlines again. The automaker shines with its quarterly figures, but at the same time has to cope with a court case involving boss Elon Musk. With all the hustle and bustle, it can quickly appear as if there is no one else in the electric vehicle market. In reality, however, numerous competitors are flocking to Tesla.
According to Elon Musk, 2022 was a “fantastic year” for Tesla. Although the company missed Wall Street expectations, its group earned more in the past year than ever before in a fiscal year. Meanwhile, numerous investors are angry about the Tesla boss. A class action charge is currently pending against Musk for alleged price manipulation. In 2018 he hastily announced via Twitter that he wanted to take Tesla off the stock exchange and thus cost his plaintiffs a lot of money.
In the shadow of the Musk empire, the e-competition is catching up. Tesla’s rivals are divided into three camps: On the one hand, there are established car manufacturers on the way to phasing out combustion engines. There are Chinese challengers on the march to Europe. And there are start-ups with supposedly innovative approaches.
The German car industry, for example, is increasingly focusing on development in this future field. At VW, around seven percent of all vehicles sold are already electric, explains Handelsblatt car expert Lukas Bay in the current episode of Handelsblatt Today: “The big advantage of the established groups is that they already have a certain level of manufacturing expertise. They know how to build cars and they also have a network for selling these cars.”
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The challengers, in turn, must face their own challenges. This includes, above all, long delivery times. Interested parties currently have to wait eleven to thirteen months for one of VW’s ID models. Another problem arises from dependencies on China: “The power, especially with certain raw materials, lies in the hands of the Chinese (…)”, Bay points out in an interview with host Lena Jesberg. The risk has long been recognized in Europe and the USA. You will get to know the who’s who of the e-competition as well as their strengths and weaknesses in today’s episode of Handelsblatt Today.
In addition: A race to catch up can currently also be observed elsewhere. On the stock market, European stocks are currently performing better than US stocks. Handelsblatt financial market analyst Ulf Sommer reveals the reasons for this turnaround in the podcast.
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