U.S. electric vehicle leader Tesla may be losing its firm grip on the electric vehicle market as rivals try to eat away at Tesla’s market share with low prices.
Market research agency S&P Global Mobility said in a report on Tuesday (29th) that with the rapid popularization of electric vehicles among the public, there is a high demand for models priced below $50,000, and Tesla has “not yet really developed in this area.” compete”. The Model 3 is Tesla’s cheapest electric car at just under $47,000.
S&P Global Mobility said that Tesla’s position is changing as new, more affordable electric vehicles are unveiled, and other competitors’ electric vehicles can even offer equal or better electric vehicle technology and production structure. “Tesla’s ability to maintain market share will be challenged going forward,” the research firm added.
S&P Global Mobility notes that Tesla’s competitors include GM-US’s Bolt and Bolt EUV, Hyundai’s Ioniq5, Kia’s EV6, Volkswagen’s ID.4 and Nissan (Nissan) Leaf and other models.
While Musk has hinted at a lower-priced EV, its production and delivery timing is unclear. Reuters reported on Monday, citing people familiar with the matter, that Tesla is preparing to revamp its five-year-old Model 3 electric car to reduce production costs and make it more attractive.
The redesign, code-named “Highland,” focuses on reducing the Model 3’s component count and body complexity, and focusing on features valued by Tesla buyers, such as the display screen, the sources said.
Before the deadline, the intraday stock price of Tesla (TSLA-US) fell 0.49%, tentatively reported at $182.03 per share.