[ad_1]
Elon Musk and Tesla changed the way consumers think about and view cars.
They pushed the entire automotive industry to convert to electric vehicles and make the technology the future of the sector, which is very important to the economy.
Today, almost every carmaker — legacy automakers, upstarts, luxury brands, sports-car manufacturers — offers an electric or plug-in-hybrid model. Groups are investing billions of dollars to develop electric vehicles.
Consumers are also following the developments, as their demand for these green vehicles is increasing dramatically even though the vehicles remain expensive and the number of charging stations continues to lag. Charging still takes a long time, and EV owners must plan their trips according to the geography of charging stations, which is a particular headache.
In general, the perception of EVs has changed significantly and positively, and the authorities are increasingly encouraging consumers to buy electric vehicles by expanding tax credits in the basic law. One of the primary goals of the Biden administration’s Inflation Reduction Act is to encourage the development of affordable electric vehicles.
‘We Plan to Challenge Tesla’ — Ford’s Farley
All these factors mean that Tesla’s competitors have gradually begun to narrow the wide market gap between them and Musk’s group.
One such rival is Ford (F) – Get a Free Report. The Blue Oval is one of the few automakers to publicly explain that their main rival is Tesla (TSLA) – Get a Free Report.
“We plan to challenge Tesla and all comers to become the world’s leading EV manufacturer,” Ford Chief Executive Jim Farley said in April. “That’s something no one could have believed just two years ago from us.”
Ford provided its own way to compete with the market leader: Farley began by separating the company’s production activities for gasoline vehicles from electric vehicles. He created Ford Blue for traditional cars and Ford Model e for EVs.
The goal is to enable the Ford Model e to operate like a startup tech company, quickly making changes and adapting to any situation. Ford, like most automakers, has also adopted recipes that work with Tesla.
An example is the over-the-air delivery of software updates to vehicles with new features and functionality.
When an update is available, vehicle owners will be notified and given instructions on how to do it themselves. This keeps their cars up-to-date with the latest innovations and provides the car manufacturer with a steady source of income through subscriptions for service updates.
Farley also deployed a profitable strategy regarding the first models built. He chose vehicles that resonated with consumers. Two of Ford’s first electric models were the electric version of the iconic F-150 pickup and the green counterpart of the Ford Mustang.
The first is the F-150 Lightning, a vehicle seen as the one that will spur America’s conversion to electric vehicles.
Ford
‘Congratulations Jim Farley’ — Tesla’s Musk
The Ford Mustang Mach-E plays on the sentimentality and memories that surround the nearly 60-year-old Mustang, the internationally iconic sports car.
The company just announced that it has built the 150,000th Mustang Mach-E since production began nearly two years ago. That’s a major breakthrough given supply-chain issues that have plagued the industry, along with sharply rising prices for raw materials like nickel and cobalt that are essential to EV batteries.
This is “a significant milestone as the company targets EV production at a rate of 600,000 annually by late 2023 and more than 2 million annually by 2026,” the company said in a news release.
The vehicle will be available in 37 countries by 2023, up from 22 in its first year, and Ford plans to sell it in additional countries.
“Almost all of the Mustang Mach-E’s growth to date has come from customers replacing an internal combustion vehicle with an electric one – more than 8 in 10 US customers and 9 in 10 European customers,” Ford said.
Musk, who knows all too well how difficult it is to mass-produce an electric vehicle, is an industry-team player and praised Ford’s success.
It’s rare to see the Techno King, his title at Tesla, praise his competitors, though he believes that the more electric cars hit the roads, the more established his legacy will be.
“Congratulations @jimfarley98 @Ford!” the billionaire tweeted at Ford and Farley on Nov. 30.
“Thank you, @elonmusk. Lots of work ahead ⚡️” Farley replied.
It is important to note, however, that while Tesla has given up market share to its rivals, the company is still the leader in EVs, holding two-thirds (65%) of the US market, according to data from at S&P Global Mobility.
Of the more than 520,000 electric-vehicle registrations in the US in the first nine months of 2022, about 340,000 are Teslas.
Its rivals have a long way to go.
Cyber Week Deals
Get Action Alerts PLUS for our lowest price of the year! The markets are tough right now, but now is the best time to have professional guidance to help navigate the volatility. Unlock portfolio guidance, stock ratings, access to portfolio managers, and market analysis every trading day. Claim this deal now!
[ad_2]
Source link
