The auto making giant is reportedly facing competition from not one, but two companies who have decided to step onto the electric car making platform too
According to the most recent news related to the auto industry, it was seen that Tesla Motors has been under the pressurizing gaze of not only critics but also other auto companies who have been reportedly planning to make cars as good as the ones that are made by the giant in order to strike up a competition that has never been seen in the electric market. Elon Musk’s company has so far been on the top of the electric car making companies list as it is also the first one to initiate the idea of making cars with batteries run on electricity.
So far in the business, Tesla cars have a very prominent edge over other companies in the industry as it has large revenue cash back up that it has created with the success of its cars over the period of time. Currently, the auto company has over a billion cash revenue reserve, which is believed to be unmatchable for any company, no matter how old or established, to think of fighting with the giant in the technological levels that have been reached by the giant. However, there are some prominent companies like BMW and Porsche which have started to show signs of wanted to put up a fight with Musk’s company, which seems to be trading on the top lines for quite some time now.
As per the latest news, Porsche has announced that it wishes to introduce an electric car of its own namely Mission E, which is already being thought of as a strong competitor for Tesla vehicles, long before its actual launch or even production process. According to the Porsche management, the investment that is being put in the production of the new car is of around $760 million.
It was also mentioned in the report that the massive amount of money being invested is majorly for the purpose of bringing an upgraded version of facilities within the company’s infrastructure so that it becomes capable enough to make the car that it has pledged to make. This is an important step for the company as it has openly challenged the technology that Tesla uses in its cars.
On the other hand, BMW is also next in the line to have thought of creating a rivalrous war with the Tesla smart cars as it has presented the idea of competing with the Model S cars with its own version of self-driving cars which it will be working on in the near term future.
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